TradingKey – IBM found buying support near $200, but whether it can strengthen further depends on the upcoming conference call.

During regular trading hours on July 16, Eastern Time, IBM ( IBM) shares weakened further to around $204, falling over 3% from the previous trading day’s close of $211, while hitting a new low since November 2024. However, unexpectedly, IBM subsequently rebounded and strengthened, reversing its decline to end 3.72% higher at $219.05.

The sudden brake in IBM’s stock decline was not actually driven by any major positive news; rather, it was more likely due to hitting the technical defense line of $200. This level was a barrier formed between June and September 2024, and its breakout paved the way for an upward…