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lauralea

Rectangle has Broken to the Downside//Channel Down

Short
International Business Machines Corporation (NYSE:IBM)  
lauralea Updated   
NYSE:IBM   International Business Machines Corporation
Chart Patterns
2
0
chartpattern
IBM appears to be in a smaller channel that is narrowing which is known as a Falling Wedge.

Price is below the bottom trendline of the Rectangle so that trendline is now resistance.

Channel down noted.

Price is just above the 50% retracement of the trend up.

EARNINGS 10-19 AMC.

No recommendation
Comment:
A Narrowing Falling wedge can be bullish if price breaks up and out of it. A falling wedge slopes in the same direction as the immediate trend.

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