When we look at the International Business Machines (NYSE:IBM) stock price chart, we can see it trading a downtrend for the past week, falling lower and lower as the overall markets show weakness.
The stock broke the first level of resistance of $132, then the $129 level, which led to the test of the $125 level, 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.
Today we can expect a move towards the $131 resistance or consolidation at the current level.
If it doesn’t manage to hold on to the current level, a move towards and below the $125 can be expected.
