IBM dominated by bears dragging the market lower throughout the day


International Business Machines (IBM) Technical Analysis Report for Jun 14, 2018 [< 1 min read]
Highlights
IBM dominated by bears dragging the market lower throughout the day
IBM closes lower for the 2nd day in a row
IBM ends the day on a bearish note closing near the low of the day
IBM breaks below previous session low
IBM falls to lowest close since June 6th
TQ Sentiment
Technical Forecast:
Overview

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 chart for IBM
Volatility

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.

Support/Resistance

Prices are trading close to a key support level at 144.57.

Trend

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.

Order Flow

Selling might speed up should prices move below the close-by swing low at 144.37 where further sell stops could get activated.

Conclusion

While classical technical analysis indicates a neutral sentiment for the next trading day, our quantitative statistics show a different picture being bullish.

Market Conditions for International Business Machines
ConditionForecastDirectionWinAvgWorstBestEvents
Down Close Near Low of Period TQ Pro Members Only
Close to R1 Resistance TQ Pro Members Only
4 Consecutive Lower Closes TQ Pro Members Only
Closed below last periods low TQ Pro Members Only
Black Candle TQ Pro Members Only
More market conditions identified for TQ Pro members...
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IBM breaks key support level

Jun 21, 2018
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