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International Business Machines Corp. was in a long-term up-trend from 2009 to 2011 (A-B). It then settled in a range mostly between $181 (U.S.) and $215 (dotted lines) and recently declined to the bottom of this range (C). A rise above the 40-week moving average (40wMA) would suggest an up-move toward the top of the channel near about $215, however only a sustained rise above $215-$216 would signal the resumption of the long-term up-trend. Conversely a decline below $180-$181 would suggest the start of a new down-trend.

Look for a rise above $215-$216 or decline below $180-$181 to signal the direction of the next move.

Monica Rizk is the senior technical analyst for Phases & Cycles Inc. ( Ron Meisels is a contributor to the website and Tweets at @Ronsbriefs. They may hold shares in companies profiled. Please see the site for a glossary.

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About the Authors
Senior Technical Analyst at Phases & Cycles Inc.

Monica Rizk, Senior Technical Analyst, has a Bachelor's degree in Business Administration and completed the Canadian Securities Institute course. She has been with Phases & Cycles since September 2000 and specializes in the research of Canadian and US stocks using Point & Figure as well as bar chart analysis. More

President of Phases & Cycles Inc.

Ron Meisels, President, Phases & Cycles Inc., has been active as an Analyst since 1971. He was Vice President and Director of Technical Research of Nesbitt Thomson (now BMO Nesbitt Burns) from 1982 to 1990. He was ranked among the top three technical analysts by Canadian Institutions for six consecutive years (Brendan Wood Survey). More


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