Economies.com provides the latest technical analysis and forecast of the american stocks, in order to keep track of the trend of the US stocks.
IBM's stock rose in the intraday levels, scoring a handsome profit of 2.93% in the last session, or 4.80 points, and succeeding in piercing the resistance of 166.11, which represents the ratio 50% of Fibonacci retracement levels for a descending wave in the short term (from 182.79 to 139.13), with positive pressure from the 50-day SMA.
Therefore we expect more gains for the stock, as long as it settles above 166.11, targeting the next resistance at 172.49.