In morning trades on the stock market today, Arm stock climbed more than 3% to 139.35.

With the move higher, Arm snapped a downward trendline. Additionally, Arm stock should have a new base after this week. That base, a consolidation pattern, would have a buy point of 164.

However, aggressive investors could use the 150 level as an early entry, according to IBD stock analysis.

Arm shares spiked to an all-time high of 164 on Feb. 12, according to IBD MarketSurge charts. That was three trading days after the company beat Wall Street's expectations for its fiscal third quarter and provided a bullish outlook for the current period.