Categories: Technical analysis

IBM Wave Analysis – 14 May, 2020

• IBM broke support zone

• Likely to fall to 12.40

IBM today broke the support zone lying between the pivotal support level 14.35 (which has been reversing the price from March) and the 61.8% Fibonacci correction of the upward correction 2.

The breakout of this support zone is aligned with the active minor impulse wave (iii) of the long-term impulse waves 3 and (3).

IBM is likely to fall further toward the next strong support level 12.40 (low of the previous sharp impulse wave 1 from March).

The FxPro Tech Analysis Team

The FxPro technical experts prepare a daily analysis of the most active currency pairs (majors, crosses, exotics) and commodities. Selected instruments are reviewed on daily trends (D1, H4), using the active Elliott Wave setups, Japanese candlesticks, indicators, and support/resistance levels.

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Tags: IBM

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