IBM Wave Analysis – 8 September, 2022

• IBM reversed from strong support level 126.00

• Likely to reach resistance level 130.00

IBM recently reversed up from the strong support level 126.00 (which stopped all previous downward correction from April), intersecting with the lower daily Bollinger Band.

The upward reversal from the support level 126.00 started the active short-term correction (ii).

Given the strength of the support level 126.00 and the oversold daily Stochastic – IBM can be expected to rise further toward the next resistance level 130.00.