Shares of International Business Machine (IBM) has been falling since hitting 215 in 2013. It has falling below 120 at the start of 2016 but has since bounced back. The weekly chart shows that price retreated from 165. After a couple months of bearish correction, we are seeing a bullish continuation attempt once again test this resistance area just under 165.IBM Weekly chart 11/30(click to enlarge)Bullish Breakout Scenario:- The bullish trend in 2016 has been strong. First of all, it started in a V-shape reversal manner.- Since then, price has broken above the 100- and 50-week simple moving averages (SMAs).- The RSI has pushed above 60. - Now, these are signals of bears losing control, but might be premature as signals of a bullish trend. - A break above 165.00 however would introduce the bullish trend scenario.Resistance above 165, Support around 160:- If IBM breaks above 165, it first opens up the 170 psychological level, where the 200-week SMA resides at the moment.- I would also anticipate upside to the 175 area, which is near the 2015-high. - At this point, we should start anticipating support around 160. A break below 157.50 could signal a failed bullish attempt and even suggest a bearish outlook towards 150, and 145.