IBM, leading up to previous earnings, formed a bearish divergence and gapped down. IBM has not been this oversold (RSI) since this time last year, and indicators show a strong bullish momentum. Hour timeframes shows that dip buying has started.
Note
Perfect bounce off a support levelNote
IBM formed double Doji at the bottom of a downtrend, indicators are pointing up and are severely oversold, the candles are about $4 from the 5 EMA (daily chart). Looking to go full position early in the morning if all looks well.PRICE TARGET: $133
STOP LOSS $126.50
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.