Short Term Trading Member Forum

[techcharter]

IBM upstages GM Today

The announcement of 13,000 job cuts has sent IBM's premarket price higher $1.26 to $78.34. There is still some upside potential. The center of the 20 day avg is $78.74. There is also a gap to the downside that may be closed.

http://stockcharts.com/def/servlet/SC.web?c=IBM,uu[w,a]dacayyay[dc][pb20!d20,2!f][vc60][iLp14,3,3!La...

The bounce of the April '05 lows is a corrective elliott wave, most likely a zig-zag. The zag is still in the early stage.
The zig was $5, so the zag could be a fibonacci retracement of $3 or $5. That gives a target price range of $79 to $81.

http://charts.barchart.com/chart.asp?sym=IBM&data=Z15&date=050505&den=HIGH&evnt=ADV&...