IBM eyes on $163.30 then $158 for possible Bottoms of correction
Updated
IBM had the business office monopolized but then lost it.
PC's came and they said "it's a fad, we have TYPEwriters"
AI came and they said "we have Watson, he plays chess"
It has however been in an uptrend with the market.
Retrace is now testing a key support fib at $163.30
If that one fails, we have a fallback fib at $157.99
===================================================
PC's came and they said "it's a fad, we have TYPEwriters"
AI came and they said "we have Watson, he plays chess"
It has however been in an uptrend with the market.
Retrace is now testing a key support fib at $163.30
If that one fails, we have a fallback fib at $157.99
===================================================
Note
Nice bounce from our fib:Zoom in (m5) with notes about the fibs:
We mostly bounced off Genesis fib at $163.30,
after piercing and hitting local fib at $162.82.
We are now past Covid Stimulus fib at $168.35.
.
Adding a fib to our bounce and looking above:
Now we have next two resistances to watch, 170.xx then 172.xx
.
SUMMARY:
- Good chance that bottom is in.
- Next targets are 170.xx then 172.xx
- High support is Covid fib at $168.35
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.
Note
Follow up to last snapshot We did NOT reach either target,
sure looked like it was going to,
but must have been some news?
.
Zoom out (h2)
We now see a resistance zone 167.77-168.35
.
SUMMARY:
- Bounce was rudely interrupted by unknown cause.
- Currently testing a resistance zone from underside.
- If we do not break in a day or two we may get new lows.
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.
Note
Broke initial resistance and popped to the next one:Zoom in (m5) with notes;
Nice launch from previous Resistance now support (hopefully).
We have bounced into a "Moderate" Resistance with a fib confluence,
with a Covid Stimulus fib which has a strong influence on all assets.
.
SUMMARY:
- Very good chance we have found the bottom.
- Bounced strongly into a Moderate reistance now.
- Watching $175 for resistance that bulls must flip.
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Note
"Moderate Resistance" stronger than expected (in follow up to last snapshot above)
As feared, mapped resistance did us in.
.
Zoom OUT (h4)
What knocked it down was the Covid Stimulus fib at 174.76,
so we look for a pass to its golden sister below at $157.99,
assuming bears can break the Genesis fib at $163.30
.
SUMMARY:
- Bearish day put a damper on things.
- Expecting a lower low to $157.99
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Note
44% gains and still Going!
Yup, 44.42% since posting entry levels.
.
Adding local fib and marking confluence zones:
Gives clear support and resistance zones of interest.
Porbably getting overextended, taking more profits.
Also moving trailing stop up with zones as defenders.
.
$ 242.37 - 243.03 a good spot for next TP.
$ 229.58 - 230.71 a good short term SL.
$ 216.70 - 218.38 a good long term SL.
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Trade active
44% and still Going!
Yup, 44.42% since posting entry levels.
.
Adding local fib and marking confluence zones:
Gives clear support and resistance zones of interest.
$ 242.37 - 243.03 a good spot for next TP.
$ 229.58 - 230.71 a good short term SL.
$ 216.70 - 218.38 a good long term SL.
==================================================================
.
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