News Play. $IBM gapped down over the weekend after the News it would takeover $RHT with a rough 50% premium.
Above I had 121.20 122.65 and 123.71 for resistance and 116 for support and as possible target.
$IBM had tested the 122.50 level during premarket and sold off into the The Open at around 120ish.
$IBM was of interest when it approached premarket highs where I started a position on high RSI and planned to add 123.50ish for more.
$IBM didnt get there and I used the Backside-Trade and break below 123 on a Decision-Candle for the next add. Target VWAP.
I took a partial around my first entry before $IBM made another leg up. When it broke with strength above 123 and ran into 124 I added another piece around the resistance I had marked.
$IBM tested 124 and reversed lower to hesitate with 123 to eventually break that level and resolve to VWAP.
My Profits were ok, but maybe a little too early. Good Trade after all and well managed.
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