NYSE:IBM   International Business Machines Corporation
A lot of people forget about International Business Machines. However the 110-year old tech giant’s chart has some interesting patterns.

First and most important is the series of higher lows since early July. IBM has been trapped around the same $144 area where it bounced on June 21. That combination (higher lows + resistance) has produced a bullish ascending triangle with breakout potential.

Also notice how the 50-day simple moving average ( SMA ) and 100-day SMA closely match the top and bottoms of the ascending triangle .

The current squeeze is so tight that Bollinger Band Width has narrowed to its lowest reading since January 2020. This could add fuel to a breakout.

Finally, don’t forget about Oracle . The lumbering software giant broke out this year after its Cloud business improved. IBM gapped higher after showing similar progress its last two quarters. With a 12x forward P/E and price/revenue under 2x, it could also benefit from sentiment shifting toward value stocks.

TradeStation is a pioneer in the trading industry, providing access to stocks, options, futures and cryptocurrencies. See our Overview for more.