Today a colleague asked me to analyze IBM. This share have been in correction since 1st Mar, 2013 and I think now we are close to terminate the correction. This pair has been in uptrend since it put all time low in 1993 in the form of Red wave I which finished finished near 139. After that we saw correction in the form of ABC in red Wave II which ended near 69.50 and we saw new impulsive rally start in red wave III and now we are in blue sub wave 2 of Red wave III. We also found previous resistances that turned into strong support near 130. There will be chances that price hold and market will place a long term bottom here. Today non-farm payroll is key factor to decide the direction of this share. However if price in success to break below the 130 major psychological level, market found the next strong support is near 125, a 61% Fibonacci and a big psychological level.
muhiuddin
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