IBM is going down in very nice move. Reached my first target in 3 days (check my idea in link below). After 3 days down move it needs some rest before continuation. Need to stay below $182 for further down move
I am looking for good ideas on daily charts to add them to my watchlist and when they come into play - I trade them on intraday basis.
After it bounced off of trend line it had nice 3 days follow through and was flagging for few days. This bear flag was broken on Friday with nice red candle that closed near lows. Now, I want to see how sellers will defend $182.30-$.70, then we have $184.50 pivot resistance. If those levels will be broken, then I will re-evaluate my idea. Low is at $180.91, break below could attract more sellers.
Tech_time
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Thanks for the detailed response and explanation. I just initiated a small long position at $182 based on the 10 day consolidation period --- stochastics oscillator is still bearish for the short term but I'm thinking it will reverse by the end of the week or Monday. As long as the broader market doesn't sell off, looks pretty golden imo.
andrew.berg
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Still under preassure. It is better to look for buying opportunities in leaders, not laggards. Yesterday, market reversed off the highs and closed near low. Today, it can get 2nd day continuation. So, be careful with long IBM.