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IBM – International Business Machines Corporation – The multinational computer technology and IT consulting corporation saw its shares retracing back to the support line at $106.00 after breaking through resistance at $107.00 and reaching $110.00. From July 08 double top at $129.00 prices break through the main bullish support line at $124.00 switching the trend from bullish to bearish. The decline rolled out reaching support at $110.00 on September 08 when a corrective up move developed. The reaction found resistance at $123.00 before resuming to the downside. The October 08 triple bottom breakout at $109.00 was the key movement that cleared the way to the second phase of the downtrend. A Long Tail Down pattern to $84.00 added more weight to the bearish evidence. The November 08 final sell off reached the 2005 solid support at $70.00 before generating a Low Pole pattern which swiftly gained back some ground to $82.00. A sequence of double top breakout patterns helped reaching the main bearish resistance line at $94.00 where the first penetration attempt failed. A pull back to $90.00 has been followed by a sharp up thrust that breaking through the main bearish resistance line at $93.00 changed the trend to bullish. Lately prices raised above resistance at $103.00 and then violated a multiple top pattern at $107.00 approaching short term target at $112.00. Prices are now expected to take a breath before resuming the uptrend. Relative Strength vs the market has just turned negative in the short term predicting a period of underperformance. Stay long and increase only at double top breakout at $111.00 with short term target at $118.00. In the medium term the objective is set at $126.00. On the downside close all longs at penetration of the main bullish support line now crossing at $105.00 with possible contraction down to $88.00.
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