IBM Approaching Channel Resistance – Bear Call Spread Setup?

IBM has rallied strongly within a clear ascending channel since late 2023, pushing recently into all-time highs and testing the upper boundary of the structure. This level has acted as resistance multiple times in the past — and we may now be approaching another potential rejection zone.

🔍 Key Technical Context:
✅ Price trading near ATHs, pressing against the top of the rising channel.
🟦 Structure remains bullish, but extended and overbought.
🔄 Prior touches of channel highs led to pullbacks (see red markers).
🧲 A demand zone remains intact around $266–270, but price is currently stretched above it.

🧠 Options Strategy Outlook:
With volatility elevated and price near structural resistance, this could be a solid setup for a Bear Call Spread:
Sell Call near: $285–290
Buy Call near: $295+ (to define risk)
Thesis: Price will remain below upper channel or stall around ATHs.

📌 Summary:
IBM is in a strong uptrend — but technical conditions suggest exhaustion risk near channel resistance. No short signals yet, but for non-directional traders, this could be a low-risk zone to build income-based spreads.

I'll be monitoring for:
🕯️ Reversal patterns at resistance
📉 Breakdown below $278 = early weakness
❌ Break and close above channel = invalidates idea