- IBM reversed from resistance level 264.40
- Likely to fall to support level 247.25
IBM recently reversed down exactly from the strong resistance level 264.40 (top of the previous impulse wave iii from the start of February).
The downward reversal from the resistance level 264.40 started the active short-term correction ii, which belongs to wave 3 from the start of January.
Given the strength of the resistance level 264.40 and the overbought daily Stochastic, IBM can be expected to fall to the next support level 247.25 (low of the previous correction iv).
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By the FxPro Analyst Team
Follow our dedicated Telegram channel t.me/fxpro for insightful market analysis and expert commentary.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.