A daily chart short setup has presented itself on IBM. The 200 day average has acted like a neckline of sorts (sort of like one of the options we have for the S&P 500) to a bearish looking short-term pattern.
What’s cool about this is that if the short works, the measured target of the pattern is 120, which also happens to be a gap fill and a clear support area. So 120 target it is. A strict stop on this is a rise above 132. As long as it remains below the neckline and/or the SMA 200 however, the target is loaded.
A reminder that chart based NFTRH+ updates are technical trade setup ideas, which may not be revisited as the technical parameters are already noted. These updates are meant as a starting point for your further research if interested. I will not personally buy every item highlighted and will sometimes sell (ref. Trade Log) any item that I do buy below target (assuming I’ve not stopped out or sold for some other reason) as I often do. Also please be aware that I am not a fundamental stock analyst. Due diligence is your responsibility.
