IBM (NYSE) Analysis and Trading Idea as of 02/06/2023

#IBM
 

The trend is descending. The stock is traded in the range between 365 and 135 ЕМА. The ascending wave structures are truncated. There is a bearish divergence on the Awesome Oscillator, and the Stochastic Oscillator signals the overbought state.
 

Trading idea:

Sell at the formation of the descending wave structure, where the wave (A) breaches the sloping channel of the upward truncated structure.

Stop-Loss: 130.13 (over the local minimum of the ascending structure).

Target price levels: 125.00, 120.80.