Bearish DailyPlay for Wednesday June 28th, 2017 – IBM (IBM)
The bearish DailyPlay we chose for Wednesday June 28th is IBM (IBM). IBM is part of the Technology Sector (XLK). Over the last month, XLK has experienced a 2.13% move lower and its 1m trend has turned neutral and bearish on 6/27 while breaking below its $56 support level.
IBM’s 1m and 6m trends turned bearish on 4/19 and recently bounced lower off its $157.50 resistance level. With a technical score of 4 (out of 10), IBM is a strong bearish stock that is likely to continue lower.
As a stop loss, if IBM was to trade above $157.50 for multiple days, this would invalidate our analysis and suggest getting out of the trade.
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