All Of A Sudden Investors Cannot Own Enough Of IBM

'' International Business Machines

shares are trading sharply higher by $6.22 at $171.58 in Thursday's session. The only relevant news out on the company is that it has opened a second cloud center in the Netherlands. The new facility has been created to meet the increased demand for cloud services in the region. IBM, which had a muted reaction to its Q1 EPS beat ($2.91 vs. Est. $2.86), was primarily do to its revenue miss ($19.59 vs. Est. $19.86). Ahead of the report it it cleared a major technical level ($165.50). that ended all rallies since late October. After flirting with that level over the last two days, it found support right off the open at $165,14 and has blasted to $171.61 so far and is trading rights at the highs for the session. From a technical perspective it is difficult to identify any major resistance until the $180 level. The reason for the being it is now entering into a very thinly traded area that is gapped down from in October after a disappointing Q3 earnings report. The author of this article is currently long shares of IBM.