IBM tries to recover some losses - Analysis - 11-08-2017

IBM's stock rose in the intraday levels, scoring a profit of 0.05% in the last session, or 0.07 points, as the stock tries to recover some past losses, amid negative pressure from the 50-day SMA, while settling below 142.07, representing the ratio 61.8% 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 it settles below 142.07, targeting the support of 132.45, which represents the ratio 78.6% of the same retracement levels.