Education: Topping Tail And Resulting Drop On $IBM + Buy Level

This is a fantastic example of a topping tail on the IBM chart. Note the topping tail is 1. at the highs of recent history, 2. The tail (wick) is 50% or greater of the entire candle length, 3. The body is 50% or less of the entire candle length and 4. the close is in the bottom 25% of the candle.
Note the 50% retrace the next day giving a great short entry and then the massive drop today. Target is the scene of the crime as noted on the chart. This becomes the buy level for a bounce.
Note: This is not financial advice, speak to your financial planner.
Note the 50% retrace the next day giving a great short entry and then the massive drop today. Target is the scene of the crime as noted on the chart. This becomes the buy level for a bounce.
Note: This is not financial advice, speak to your financial planner.
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Get trade alerts with exact entries and exits + daily videos with deep dive technical analysis on stocks, crypto, commodities and options. Find these at VerifiedInvesting.com
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.