IBM ends cautiously higher - Analysis - 26-05-2017

IBM's stock rose in the intraday levels, scoring a profit of 0.45% in the last session, or 0.69 points, amid negative pressure from the 50-day SMA, while relative power indicators reached extremely overbought levels, as the stock settles below the pivotal resistance of 157.47, representing the ratio 38.2% of Fibonacci retracement levels for an ascending wave in the medium term (from 116.90 to 182.55). 

Therefore we expect the stock to return lower, as long as the resistance of 157.47 holds on, targeting the support of 149.73, which represents the ratio 50% of the same retracement levels.