International Business Machines (IBM) shares soared Thursday after the computing giant posted better-than-expected fourth-quarter earnings, boosted by the strength of its AI business.

The company said its generative AI book of business grew by almost $2 billion from the prior quarter, adding that clients globally are turning to Big Blue in an effort to enhance their enterprises by using AI. IBM's software segment revenue grew 10.4% from a year earlier to record its biggest jump in five years, helping to offset softness in its consulting and infrastructure bu❀sinesses.

IBM shares were up 12% at $256 in afternoon trading, after hitting a record near $262 this morning. The stock has gained 36% over the past year, outpacing the S&P 500's performance over the period.

Below, we break down the 澳洲幸运5官方开奖结果体彩网:technicals on IBM’s chart and identify key price levels tha𒀰t investors may be watching out for.

Ascending Triangle Breakout

IBM shares have oscillated within an 澳洲幸运5官方开奖结果体彩网:ascending triangle since 🌃early October last year, with the price recently fin🎀ding support from the pattern’s lower trendline leading into the company’s quarterly report.

With the bullish momentum accelerating Thursday, the stage is set for a 澳洲幸运5官方开奖结果体彩网:breakaway gap above the triangle’s top trendline.

Let’s apply 澳洲幸运5官方开奖结果体彩网:technical analysis to forecast two potential upside 澳洲幸运5官方开奖结果体彩网:price targets to watch and also identify a key 澳洲幸运5官方开奖结果体彩网:support level worth monitoring during retracements.

Upside Price Targets to Watch

Measuring Principle Target

The 澳洲幸运5官方开奖结果体彩网:measuring principle works by analyzing the ascending triangle on IBM’s chart to project an upꩲside target.

To app💞ly the technique, we calculate the depth of the pattern near its widest point and add that amount to the triangle’s top trendline. For instance, w🐈e add $40 to $238, which forecasts a target of $278.

Bars Pattern Target

To predict how a longer-term uptrend in the stock may play out, investors can use bars pat𒊎tern analysis, a technique that studies prior trends on the chart to predict future directional p🍰rice movements.

When applying the tool to IBM’s chart, we extract the stock’s trending move from June to October last year and reposition it from this month’s low. The analysis forecasts an upside target of around $305, while indicating that the trend could last until May if 澳洲幸运5官方开奖结果体彩网:price action mimics the earlier trend’s duration.

We selected this bars pattern as it commenced from the lower trendline of a prior ascending triangle, similar to how the current move 🥃higher has started. 

Key Support Level to Monitor

During 澳洲幸运5官方开奖结果体彩网:pullbacks, investors should monitor how the stock’s price responds to the $238 level. This area on the chart would likely attract buying interest on a retest of the ascending triangle’s top trendline, which could flip from a location of prior 澳洲幸运5官方开奖结果体彩网:resistance into a region of future support.

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