IBM stock remains weak below $230International Business Machines CorporationBATS:IBMFOREXcomIt has been a challenging stretch for IBM stock after it posted one of its worst declines in years during yesterday’s session, falling more than 12%. The renewed selling pressure intensified after Anthropic introduced a new tool called “Claude Code,” capable of automating systems written in COBOL, an older programming language widely used in corporate environments historically linked to IBM. This announcement raised concerns in the market, as a meaningful portion of IBM’s business, particularly within its enterprise services segment, is tied to the modernization and maintenance of COBOL-based systems. This new development could introduce competition capable of eroding a stable source of revenue for the company. In this context, confidence quickly deteriorated amid fears that IBM may be falling behind in the artificial intelligence race. As long as this perception persists, selling pressure is likely to remain relevant in the coming trading sessions. Uptrend loses momentum Following the recent price decline, a clear break of the upward trendline that had been in place for several months has occurred. This move could signal a shift in the dominant technical structure and open the door to a new bearish bias in the short term. If downward pressure remains steady in upcoming sessions, a new descending trendline could begin to form and dominate price movements in the weeks ahead. RSI The RSI remains below the neutral 50 level, reflecting dominance of selling momentum. However, the indicator has recently dropped below the 30 level, entering oversold territory, which may suggest an excessive level of bearish pressure. This behavior could open the door to potential short-term technical rebounds in the coming sessions. MACD Meanwhile, the MACD histogram remains below the zero line, indicating that short-term moving averages continue to reflect a prevailing bearish bias. As long as this dynamic holds, it may be difficult for the stock to establish more sustained buying momentum in the short term. Key levels to watch $263: Relevant resistance zone corresponding to the most recent area of price neutrality on the chart. A move back toward this level could reactivate a buying bias and restore momentum to the previous upward trendline. $234: Near-term barrier that could act as a reference level in the event of short-term corrective rebounds. $215: Low area not seen since April 2025 and the most relevant bearish barrier. Sustained moves below this level could trigger the formation of a more aggressive downward trendline and reinforce the dominance of the bearish bias in the short term. Written by Julian Pineda, CFA, CMT – Market Analyst