IBM falling out of bear flag channel
IBM has been in a classic bear flag channel for a few weeks. It looks like we're breaking downwards now to complete the bear flag pattern.
I'm looking for a drop of about $40 from the top of the channel to somewhere in the $90-100 range. This is consistent with the methodology of the breakout from a flag is about equal to the price move leading to the flag. I think that this is a reasonable area to look for bullish signals after the dust has settled from the Red-Hat merger.
I'm looking for a drop of about $40 from the top of the channel to somewhere in the $90-100 range. This is consistent with the methodology of the breakout from a flag is about equal to the price move leading to the flag. I think that this is a reasonable area to look for bullish signals after the dust has settled from the Red-Hat merger.
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