Price movement of IBM for the most part of 2018 has been ranging. A major downtrend began in September to the last week of October. In October, price of $IBM shares reached 114.05, the lowest level in the year. The last time priced reached this level 114.05 was in May 2010. The highest level $IBM stock reached this year was in January at 170.25 level. Since then, RSI has never been overbought like it did in January. Since the beginning of November, the price has only moved from 115.58 to 124.98. This little bullish movement has given hope to the IBM bulls.
A new CEO will resume office in December 3. This was announced by Nielsen Holding Plc. The new CEO has been a member of IBM. Price is currently around 118.26 and might go upward to reach 129.27. RSI has shown an oversold position on the platform giving a signal for a possible buy. A breakout upward also occurred from the trendlines. All these indicators except the Ichimoku show that the bulls might take charge soon. As the year is coming to an end, and as the new CEO resumes office, share price might just maintain a bullish movement till the New Year. $IBM stock in 2018 has not been too favourable to the bulls but the latter part of the year might change the case.
Source: Nielsen Names IBMs David Kenny New CEO (MarketWatch)