IBM Forecast and Outlook

Monthly View
IBM is operating in a type of bull pennant on the monthly chart that has been building up since March of 2013.
I would have liked to see this break out, but unfortunately, owning to the current market circumstances, its probably not going to happen in the near future.
Tech is being hit hard with this current bear market and IBM has managed to retain an admirable amount of strength. But I think the market is catching up to it and we will see a, at least for the short term, bearishness.

Technical supports are charted in purple. The levels are:

1. 118
2. 112
3. 106
4. 101

Will it reach all of these levels? I am not actually sure, but I do anticipate some, at least short term, bearishness.

We have a flat top bearish candle formation on heikin ashi on the monthly chart as well which, looking at IBM historically, generally means at least another month of continuation downwards.

I was previously in a swing trade long position on IBM until I looked at the monthly chart. I closed out today for a small win because I anticipate IBM selling off.
I am not shorting it though.
I am bullish on IBM, I am just acknowledging the market and the chart.


As always, not financial advice.
Trade safe and feel free to leave your comments, thoughts, criticisms, etc. :)

Take care!