Shares in IBM have rallied 30% in a period of just over 4 months. However, recent gains in price action have been occurring on weakening RSI and declining MACD implying a bearish negative divergence. Overbought stochastics have crossed signalling a sell condition. Initial price target at 14.6% Fibonacci retracement of the rally. Further strong support at the 23.6% Fibonacci retracement level coinciding with the rally trendline support and a previous gap support at ~$89.41.
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