Last week's Elite Zone winner struggles with resistance
IBM was one of our winners, in the Elite Zone last week with an impressive breakout of a descending trading channel we've been monitoring. Now, when it is at the top of my buying zone, the question is, can IBM make it above 165$ to continue to my secondary target level - The 200 SMA line?It all started with a bullish AB=CD pattern on the weekly 61.8 Fib level.. so the potential is there. Will we see another retracement lower, before the next rally?
Bullish longer term, cautious short term
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