IBM looks to give in to negative pressures - Analysis - 16-05-2018

IBM's stock returned lower in the intraday levels, registering a loss of 0.39% in the last session, or 0.56 points, amid negative pressure from the 50-day SMA, while the RSI reached extremely overbought levels compared to the stock's movements, as the stock settles above the pivotal support of 142.07, representing the ratio 61.8% of Fibonacci retracement levels for an ascending wave in the medium term (from 116.90 to 182.79). 

Therefore we expect more losses for the stock, especially if the support of 142.07 was breached, targeting the next one at 132.45, which represents the ratio 76.4% of the same retracement levels.