andrew.berg
Short

IBM bounce off of trend line and 200 EMA

NYSE:IBM   INTERNATIONAL BUSINESS MACHINES CORPORATION
IBM             is trading relatively weak to the market which is currently on highs and stock is depressed and below 200 EMA .
After strong break up of $190 resistance it caught some follow through right to $199, but then dissapointing earnings was released and it dropped on powerful gap down.
Series of lower highs and lower lows means that it is in down trend and sellers are in control as it is trading below all key moving averages.

ENTRY trigger below previous low of the day at $186. STOP above pivot high and 200 EMA at $188 makes sence. TARGET #1 at previous low $182 then we have major support at $172. Risk/Reward 1:2 makes this trade worth taking.
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