IBM faces strong resistance - Analysis - 20-11-2017

IBM's stock fell in the intraday levels, recording a loss of 0.10% in the last session, or 0.15 points, after the resistance of 149.85 held on, representing the ratio 50% of Fibonacci retracement levels for an ascending wave in the medium term (from 116.90 to 182.79), coinciding with touching the resistance of the 50-day SMA. 

Therefore we expect more losses for the stock, targeting the next support at 142.07, which represents the ratio 61.8% of the same retracement levels, as long as the resistance of 149.85 holds on.