IBM - Continuance of Down TrendIBM has continued testing and bouncing off the down trend resistance line. Past two attempts saw drops back down to what's now the bottom Bollinger band at around 172-173. IBM has under performed its sector for several months now, and has seen extended negative correlation with NDXT as it continues making higher highs.
International Business Machines Corporation Shs -CAD hedged- Canadian Depositary Receipt Repr Shs Reg S
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IBM - Testing 100 day MA, Bearish candle Target 181.46Despite beating on earnings, IBM missed revenue targets last week
Bearish candle last week showing low demand
Look for a breakout below the 100 week MA for confirmation
Price targets shown on chart . First 181.46, then 168.31
Price far above 200 week SMA. Large potential downside or mean reversion















