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Downtrend ResistanceArchive
- 4/26/2024 -
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International Bus. Machines (IBM) Technical Analysis
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| Summary:
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| | It was the negative week for the International Bus. Machines (IBM). During the week, the IBM dropped -14.45 points, or -7.96%, and closed at 167.13 on Friday, April 26, 2024. Weekly volume was 99% above average.
 Long-term trend: [See IBM long-term trend chart]
A long-term uptrend had started on March 23, 2020 at 90.56 and reached 199.18 on March 12, 2024. IBM gained -108.62 points, or -119.94%, in 207 weeks. The chart has formed a Ascending Triangle chart pattern. The uptrend resistance line (132.64) is broken. Usually a broken resistance is considered to be a long-term bullish signal, although a short-term pull back is possible. Use the following links to access Trend Support/Resistance Help, or use the Technical Stock Screener to see the list of stocks with broken trend resistance line in a long-term trend.
 Medium-term trend: [See IBM medium-term trend chart]
A medium-term uptrend had started on November 26, 2021 at 114.56 and reached 199.18 on March 12, 2024. IBM gained -84.62 points, or -73.87%, in 119 weeks. The chart has formed a Broadening Ascending Wedge chart pattern. The trend support level is at 123.21 and resistance is at 175.25. A Broadening Ascending Wedge pattern is considered to be a reversal formation. It usually appears in a mature trend, characterized by overbought/oversold long-term and short-term indicators, and often generates divergence on long-term indicators. Use the following link to access a Broadening Ascending Wedge chart pattern help, or use a Technical Stock Screener to see the list of stocks with Broadening Ascending Wedge pattern in a medium-term trend.
 Weekly Technical Indicators: [See IBM weekly technical indicators chart]
Weekly technical indicators are neutral.
The weekly MACD line is below its signal line since April 12, 2024. Use the following link to access a MACD help.
 Short-term trend: [See IBM short-term trend chart]
A short-term downtrend had started on March 12, 2024 at 199.18 and reached 165.66 on April 25, 2024. IBM lost 33.52 points, or 16.83%, in 44 days. The chart has formed a Falling Channel chart pattern. The downtrend support line (176.18) is broken. Usually a broken support is considered to be a long-term bearish signal, although a short-term pull back is possible. Use the following links to access Trend Support/Resistance Help, or use the Technical Stock Screener to see the list of stocks with broken trend support in a short-term trend.
 Daily Technical Indicators: [See IBM daily technical indicators chart]
Daily Relative Strength Index is oversold while Williams' Percentage Range is strongly oversold. Use the Technical Stock Screener to see the list of stocks with oversold daily Relative Strength Index or strongly oversold daily Williams' Percentage Range. During the last week, daily Lane's Stochastic signal line (%D) has moved above oversold area. Such crossover is considered a bullish signal. Daily Lane's Stochastic and MACD have bullish divergence. Use the following links to access the Lane's Stochastic and MACD help, or use the Technical Stock Screener to see the list of stocks with daily Lane's Stochastic and MACD bullish divergence. The divergence between price and indicator is considering one of the most important buy/sell stocks trading signal. Oscillators are designed to signal a possible trend reversal. They can act as alerts and should be taken in conjunction with other technical analysis tools. Oscillators can be used to confirm other technical signals. Use the following links to access Lane's Stochastic, Relative Strength Index and Williams' Percentage Range help.
The daily MACD line is below its signal line since March 14, 2024. This is an indication that the short-term trend is down. The distance between MACD and the signal line is relatively high and getting bigger. It indicates that the current short-term downtrend is strong.
The price has closed on Friday below the lower Bollinger Band. It is considered a bearish signal. The Bollinger Bands are often used with a non-oscillator indicator like chart patterns or a trendline. The signals are considered more reliable if these indicators confirm the recommendation of the Bollinger Bands. Use the following links to access the Bollinger Bands Help, or use the Technical Stock Screener to see the list of stocks with the price above the Upper Bollinger Band or below the Lower Bollinger Band.
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