Frankly, International Business Machines’ (IBM) technical chart may need to be disclosed with an NC-17 warning. Up until last week, IBM stock at least had its head above water. Unfortunately, that head — along with other body parts — has been fully detached thanks to an Art-the-Clown-style massacre ala the “Terrifier” franchise.
Indeed, the ugliness has yielded a 48% Sell rating from the Barchart Technical Opinion indicator, an ignominious endorsement that wouldn’t have happened were it not for Big Blue’s weak preliminary second-quarter earnings report. Because the disclosure had serious implications for the disruptive potential of artificial intelligence, the shockwaves weren’t just limited to IBM stock.
