IBM dominated by bears dragging the market lower throughout the day
International Business Machines (IBM) Technical Analysis Report for Jun 14, 2018 | by Techniquant Editorial Team
Moving lower for the 2nd day in a row, IBM ended Thursday at 145.20 losing $1.15 (-0.79%). Today's closing price of 145.20 marks the lowest close since June 6th. The bears were in full control today, moving the market lower throughout the whole session. Closing below Wednesday's low at 146.20, the market confirms its breakout through the prior session's low having traded $1.11 below it intraday. Ending with a weak close near the low of the day sets a bearish note for the next session.
Daily Candlestick Chart (IBM as at Jun 14, 2018):
Thursday's trading range was $1.89 (1.29%), that's far above last trading month's daily average range of $1.40. Things look different on a weekly scale, where volatility is slightly below the markets average with the monthly volatility being slightly above average.
Prices are trading close to a key support level at 144.57.
Though the stock is experiencing a short-term up trend, this could just be a correction, as both the medium and long term trends are still in negative territory.
Selling might speed up should prices move below the close-by swing low at 144.37 where further sell stops could get activated.