International Business Machines Corp

IBM remains in Stage 4 decline with a bearish medium-term bias driven by Support Failure and a sequence of lower highs & lower lows. Price is extended below the declining EMAs with no exhaustion visible, so execution is deferred. We prefer trimming into rallies toward the declining EMA cluster and the 50-day SMA.

• ↑Q1 2026 revenue $15.5B (+6% YoY); free cash flow $2.2B.
• ↑GenAI book of business >$9.5B fuels 8% software growth.
• ↓Q2 2026 revenue estimate $17.2B vs. $17.86B consensus.