IBM has undergone a distinct transformation since Arvind Krishna became CEO in April last year. Thanks to the company's move toward cloud computing and the spin-off of a key business, IBM is likely to become a different technology company over time. Consequently, the extent to which IBM can remake itself as a cloud company will likely determine how much its stock rises over the next few years.
For most of the last decade, IBM has struggled as a company that helped companies design and manage IT systems and businesses. As the technology industry has evolved, its stock peaked in 2013 and has steadily declined amid slowing growth. To bring the company in line with the current technology environment, IBM spent $34 billion to buy cloud solutions giant Red Hat in 2019.
Our Analysis:
While the price is above 114.20, follow the recommendations below:
- Time frame: D1
- Recommendation: long position
- Entry point: 121.93
- Take Profit 1: 130.80
- Take Profit 2: 135.30
Alternative scenario:
If the level 114.20 is broken-down, follow the recommendations below:
- Time frame: D1
- Recommendation: short position
- Entry point: 114.20
- Take Profit 1: 106.90
- Take Profit 2: 1102.60
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