IBM muscles through negative pressures - Analysis - 22-05-2018

IBM's stock rose in the intraday levels, scoring a profit of 0.98% in the last session, or 1.41 points, while settling below the resistance of 149.85, representing the ratio 50% of Fibonacci retracement levels for an ascending wave in the medium term (from 116.90 to 182.79), with negative pressure from the 50-day SMA, while the Relative Strength Index reached extremely overbought levels compared to the stock's movements. 

Therefore we expect the stock to return lower, as long as the resistance of 149.85 holds on, targeting the support of 142.07, which represents the ratio 61.8% of the same retracement levels.