IBM surges - Analysis - 18-01-2018

IBM's stock rose in the intraday levels, scoring a handsome profit of 2.93% in the last session, or 4.80 points, and succeeding in piercing the resistance of 166.11, which represents the ratio 50% of Fibonacci retracement levels for a descending wave in the short term (from 182.79 to 139.13), with positive pressure from the 50-day SMA. 

Therefore we expect more gains for the stock, as long as it settles above 166.11, targeting the next resistance at 172.49.