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IBM Is Breaking Down

By Gary Morrow

 About this article:
 International Business Machines is losing ground again today after a very damaging 3% drop on Thursday. Last week's drop undercut the June lows and pushed the stock well below its 50-day moving average for the first time since early March. Overall volume was very light during last week's holiday shortened trading, but in the case of IBM, the downside action attracted a big surge in trade, which continued an ugly 16-day stretch for the stock that included only three positive days since June 12. IBM Daily (NYSE) International Business Machines TradeStation Volume initially began to contract back in late April, shortly after IBM powered through its declining 200-day moving average. The stock moved higher while maintaining a tight consolidation pattern during this time frame as momentum eased dramatically. As IBM reached its...

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