IBM Flirting With Upper-End Of 6 Month Trading Range Ahead Of Its Q1 Report

'' International Business Machines

shares are trading higher by $3.82 at $164.49 in Monday's session. The worst performing stock in the Dow Jones Industrials over the last two years in bumping up against some major resistance ahead of the this afternoon's Q1 earnings report. After a disastrous Q3 earning report on October 20, IBM gapped down from the $182 level to the $162 level in one week. A better-than-expected Q4 report on January 20 failed to excite investors except for Warren Buffett who has been adding to his position during its recent decline. Since October 31, IBM has been in a well-defined trading range between its four yearl low made in January at $149.52 and the high on October 31 atg $165.59. Interestingly, the issue is making another attempt to breach the top of the range in today's session as it has reached $165.54 before retreating under $165. To add further significance to this entire area, the highest closing price over this same period has been $164.40 which was its closing price on October 31.