2waytrading

IBM Bulls need to keep the fight

NYSE:IBM   INTERNATIONAL BUSINESS MACHINES CORP
67 0 0
Last 3 sessions, market helped the bulls to keep the fight, but it looks bears are not giving up soon. The chance the price to retrace back to 186.20 increased today. We had entered or recommended short entry at 192 last Thursday with target price $186.20 area.There is a large bearish triangle in the process, last higher lows at and around 183. 58 the low of this month stopped short to breakout downside, and rebounded with light volume as the general market did it. Now, there two conflicting bullish/bearish triangle but the chance to see that happen will depend on what market does next few weeks. Until then, we expect to make a few QLT/QST trades. The site now is open for new clients if you are interested in you can checkout http://www.2waytrading.com
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