ARMONK, N.Y. – Tech stalwart IBM Common Stock (IBM) closed the trading week on a decidedly negative note, erasing early gains in a significant afternoon sell-off that points to a likely bearish start for the upcoming week. The stock finished the session at
2.23 (0.76%).
Thursday’s trading session for IBM was a story of a sharp reversal. The stock opened strong, climbing to a daily high of $293.12, well above its previous close of $291.93. However, the optimism was short-lived. Starting around midday, a persistent wave of selling pressure took hold, driving the stock steadily downward to a low of $288.52 in the late afternoon.
While a minor bounce occurred just before the closing bell, it did little to repair the day’s damage. The close near the daily lows indicates that sellers were in firm control. The bearish sentiment was further cemented by a slight dip in after-hours trading.
Outlook for Monday:
Given the strong intraday reversal and the failure to hold onto early strength, the market for IBM is poised to go down on Monday. The powerful selling pressure that dominated the second half of the day suggests that negative momentum will carry over into the new trading week. Investors will be watching to see if the recent low of $288.52 can hold as support, but the prevailing sentiment is clearly tilted to the downside.
