IBM pierces current support - Analysis - 18-08-2017

IBM's stock fell in the intraday levels, recording a loss of 1.26% in the last session, or 1.80 points, amid negative pressure from the 50-day SMA, while relative power indicators reached extremely overbought levels compared to the stock's movement, after the stock pierced the support of 142.07, which represents 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, targeting the support of 132.45, which represents the ratio 78.6% of the same retracement levels, as long as it settles below 142.07.