IBM leans on the SMA support - Analysis - 20-03-2017

IBM's stock fell in the intraday levels, recording a loss of 0.9% in the last session, or 1.59 points, and leaning on the support of the SMA for the last 50 days period, as the stock seeks a bottom to bounce it higher again, amid the dominance of the main upward short-term trend along the trend line, as relative power indicators reached extremely oversold levels compared to the stock's downward movement. 

Therefore we still expect the stock to return higher in the coming trading, provided the support of 172.89 holds on, targeting the important resistance of 183.15.