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IBM shares extending the sideway trades below the resistance - analysis 02-08-2016
IBM shares ended Monday’s trading higher by (0.83 point) or (0.52%) of the previous closure to return back to retest 162.15 resistance after trading above 152.48 level, after the support area between 145.70 and 144.00 levels curbed the pressure on the SMA 100 to push the price to rebound entering the resistance zone 152.48 again, comes after failing to pass 152.48 level after it rose during the previous short trades after facing the SMA 50, also comes after the sideways movement that started since the last rise, as the price got support from the SMA 50, comes after retesting the resistance represented by 152.48 level, which coincided with 61.8% correction level for the decline from 174.47 to 116.00.
The price failed to hold above the mentioned resistance level to fall trying to pass the support level 145.70, which caused the failure of the bullish scenario and brought back the bearish movement that reached the mentioned support area.
Generally; the continuation of the current bullish movement requires the stability above 162.15 resistance, but stability below 162.15 will push the price to the bearish movements during the short periods in order to rested 152.48 .
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Johnson & Johnson faces the resistance again - analysis 02-08-2016
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