Today’s instrument is the International Business Machines Corp. stock traded in the NYSE exchange under the ticker IBM.

When we look at IBM’s chart, we can see it trading a downtrend for the past week, falling lower and lower as the overall markets show weakness. The first level of resistance of $132 was broken, then the $129 which led to the lowest $125 which was formed during yesterday’s session. Also, yesterday IBM announced better than expected Earnings which led to the 3% bounce from the $125 to the close of $129. It was last found trading at $128.9

Photo by Carson Masterson on Unsplash

Today we can expect a move towards the $131 resistance or consolidation at the current level.

If however, it doesn’t manage to hold on to the current level then a move towards and below the $125 can be expected.

(Click on image to enlarge)