IBM held in a pivotal resistance zone - Analysis - 22-08-2019

IBM's stock was held at the pivotal resistance of 137.88, representing the ratio 50% of Fibonacci retracement levels for an ascending wave in the medium term (from 105.88 to 152.74), while hurt by piercing the main upward trend line recently in the short term, with negative pressure from the 50-day SMA. 

Therefore we expect the stock to fall as long as the resistance of 137.88 holds on, targeting the next support at 129.38, representing the ratio 61.8% of the same retracement levels. 

Expected trend for today: Bearish