IBM gives in to negative pressures
IBM's stock skidded in the intraday levels after the company announced an investment of $20 million in New York in PC devices, hybrid cloud services, AI, and quantum computers, with the stock sliding 2.79%, and settling at 122.23, with trading volumes surpassing 5 million shares, above 10-day averages of 4.4 million shares.
Technically, the stock is hurt by negative pressure from the 50-day SMA, while hurt by piercing the upward trend line recently in the short term, as the RSI reached overbought levels. Therefore, we expect more losses for the stock, targeting the first resistance at 118.80, provided the resistance of 126.30 held on.
Expected trend for today: Bearish