IBM 1D Potential Inverse Head & Shoulders setup
It appears that an Inverse Head & Shoulders Pattern may complete on the IBM 1 Day chart. If we pivot off a forming right shoulder pivot in the price range of $131-132.
IBM
Spectro O is showing volume still moving in an upward direction, as well as the Spectro Ultimate Trend Analyzer shewing a solid beginning of an uptrend.
The price range according to Spectro O is showing price sitting just below the median of the Murrey Scale, which is typically an area of the scale where a weak a small pullback/correction occurs before the price continues up the price scale.
If playing from the right shoulder, employ a tight stop just below the shoulder point. The same can be said if you are waiting for a neckline confirmation to enter... stop just below the neckline, which is around $136.29.
Analysis by AlchemistLA
IBM
Spectro O is showing volume still moving in an upward direction, as well as the Spectro Ultimate Trend Analyzer shewing a solid beginning of an uptrend.
The price range according to Spectro O is showing price sitting just below the median of the Murrey Scale, which is typically an area of the scale where a weak a small pullback/correction occurs before the price continues up the price scale.
If playing from the right shoulder, employ a tight stop just below the shoulder point. The same can be said if you are waiting for a neckline confirmation to enter... stop just below the neckline, which is around $136.29.
Analysis by AlchemistLA