April 5, 2012

IBM chart analysis

  • IBM has fallen below the up trend line.
  • Price has violated the 20 Day SMA. Daily candle trading and closing below 20 SMA will favor bears to extend this correction.
  • below 20 SMA price may find support near 23.6% Fib level. Next price cluster is near 38.2% Fib level which may act as strong support. For now bears of IBM need a close below 20 SMA.
  • GOLD Near Long term support line

No comments:

Post a Comment