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IBM Daily Technical Analysis | 6 December 2017

2017-12-06 07:55 am | Resource: Technical Analysis Section | No Views : 332

IBM shares are trading in a bullish trend forming over the 4-hour interval and the stock is currently approaching the resistance level of $ 157.09 after the bulls managed to push the stock to breach 152.35 resistance of 0.382 Fibonacci.

IBM Daily Technical Analysis | 6 December 2017

It is worth noting that the simple moving average is positively intersecting the slow moving average which supports the stockholders.
The stock is currently going through a 61.8% Fibonacci retracement of a previous trend, which is the strongest resistance in the Fibonacci ratio so far, which has not been breached by the American stock and at the same time did not confirm the failure of penetration, therefore advised the owners of purchasing centers to close some of the open positions.
Change rate indicator 12 broke the downtrend line during last Friday's trading.
It is expected that if the US stock is breached at the level of 156.77 $ may target the level of 161.44 on the other side in case, breaking the level of 154.41 may target the level of 147.18.
Support: 146.26 - 141.59 - 139.05
Resistance: 157.09- 162.43- 166.84
Trend: Up


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