HY MARKETS News: Stocks Report:International Business Machines Corp
May 16, 2014 12:55 pm
IBM continues to fall after the recent breakout of the daily up channel from the start of February (which has enclosed the previous primary ABC correction).
The top of this up channel formed when IBM corrected down from the resistance area lying between the round resistance level 200.00 and 61.8% Fibonacci Correction of the preceding downward impulse from March of 2013. IBM recently rose shortly to retest the broken up channel –from where it reversed down strongly. IBM is trading close to support level 187.00. If the price breaks below 187.00 is can fall to the next sell target at 182.00.
IBM continues to fall after the recent breakout of the daily up channel from the start of February (which has enclosed the previous primary ABC correction).
The top of this up channel formed when IBM corrected down from the resistance area lying between the round resistance level 200.00 and 61.8% Fibonacci Correction of the preceding downward impulse from March of 2013. IBM recently rose shortly to retest the broken up channel –from where it reversed down strongly. IBM is trading close to support level 187.00. If the price breaks below 187.00 is can fall to the next sell target at 182.00.
The post HY MARKETS News: Stocks Report:International Business Machines Corp appeared first on | HY Markets Official blog.
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