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IBM - Looking for Key Resistance to Offer Support

IBM has been bearish pretty much since 2013 after it capped at 215.90. Recently, it cracked 140, and still looks bearish at least in the short-term. 

IBM Weekly Chart 11/4

(click to enlarge)

However in the medium-term, we might want to limit the bearish outlook. Reasons: 
1) There appears to be a bullish divergence developing in the recent months. There is also one going back to 2014.
2) As price approaches 130, it would approach the falling channel support. 
3) Around 130, price would also test a previous resistance area shown in the monthly chart. This common resistance has a chance to become support especially after a couple years of falling and possibly become a bit oversold at least in the short and medium-term.
4) The 125.50 area represents the 61.8% fibonacci retracement seen in the monthly chart.
5) The 125.50 area is also where the 200-month SMA resides. It doesn't always provide a strong support and a subsequent rally like it did in 2008, but at least the short to medium-term, we can expect some reaction around this key technical indicator. 

Bottomline, we can still expect some bearish outlook in the short-term because there are no signs that the prevailing downtrend is stopping. But we should monitor the 125.50-130.50 area for potential support. If there is a price bottom forming in the noted support area, we can have a bullish outlook up to the 150.00 area, where price will likely meet the falling consolidation trendline as well as a previous support pivot. 

IBM Monthly Chart 11/4

(click to enlarge)