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Must-See Charts: 5 Breakout Trades From the Tech Sector

International Business Machines

There really hasn't been a good time to buy shares of IT giant International Business Machines (IBM - Get Report) in the last 12 months. While the broad market was rallying hard since early 2013, IBM was busy selling off 9%. That's some major underperformance during a time when most tech names were working pretty well for your portfolio. But dust off your "buy" button -- it looks like IBM's share price atrophy is coming to an end.

>>3 Big Stocks Getting Big Attention

It's not just the fact that IBM sold off all last year that's significant this $200 billion tech name sold off in a well-defined downtrend. Every time shares pressed up against trendline resistance in 2013, it was a great time to be a seller. Now, though, 2014's breakout above trendline resistance is a solid buy signal.

IBM currently has a meaningful support level at $190. If you decide to start building a position in IBM here, that $190 level is a smart place to stick a protective stop below. The price action in IBM hasn't been the most orderly, but it's orderly enough to make it tradable in April.

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SAPE $24.98 0.00%
IBM $128.57 0.00%
MSI $62.82 0.00%
NVDA $26.43 0.00%
PANW $127.51 0.00%


Chart of I:DJI
DOW 16,204.97 -211.61 -1.29%
S&P 500 1,880.05 -35.40 -1.85%
NASDAQ 4,363.1440 -146.4150 -3.25%

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