IBM is still processing wave b in red – the second step of a three part downwards movement, which should soon lead to the low of wave B in turquoise. As soon as wave B in turquoise is complete, the share should turn upwards to climb above the resistance at $139.47. There, IBM should conclude wave 2 in green before a significant downwards movement should take hold....
I just checked in a long timestamp and found that bullish channel has been broken, also right now I saw wave B is ongoing which makes confluence with H-C-H pattern and bearish Edge pattern too. We can see squeeze momentum is also ready for this bearish trend and CRSI is pointing too.
A bearish idea for IBM , showing a potential drop below the major trendline that has been established
it can be compared to a point in the past where price also went under the major trendline (in red) and took a steep drop
I'm not sure how far it could drop but under the major trendline we will consider it bearish for traders
IBM expected to report its Q4 earnings of $3.39 per share, a 60% YoY growth, from $2.07 per share seen in the same period a year ago.
Taking into consideration also the 14K Calls and less than 1K Puts from last Friday, i think that $136 should be the price target.
looking forward to read your opinion about it.
Currently price is sitting just under a major trendline that can be drawn
Similarities can be drawn between a dip in the early movement of IBM and one that has occurred recently
Post this dip, the price rose and retook the trendline
I expect this to be the case again
Weekly Chart
International Business Machines Corporation is an American electronic corporation, one of the world's largest manufacturers of all types of computers and software, one of the largest providers of global information networks.
IBM owns more patents than any other technology company.
The story begins in the 19th century.
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