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07.02.2023 04:58 PM
IBM stock price remains vulnerable to a move lower towards $130.
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Violet lines- Fibonacci retracements

Red lines- Fibonacci extensions

IBM stock price is trading around $135.25 forming lower lows and lower highs since the top at $153.14. Short-term trend us bearish as price has already retraced 50% of the entire rise from $115.4. IBM stock price formed a lower high at $147.13 and is under pressure since then. A new lower low is expected. Short-term support is found at $133.80 and a daily close below this level will open the way for a move towards the 61.8% retracement where we also find the 100% Fibonacci extension target of the first leg down.

Alexandros Yfantis,
Analytical expert of InstaTrade
© 2007-2025

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