In the previous look at IBM, we noted that price would see a key resistance around 175. Last week, price tested and even cracked this level, but was immediately sold. In short, there was a brief false breakout during the 4/5 session, followed by 2 consecutive bearish sessions. International Business Machines (IBM) Daily Chart(click to enlarge)Bearish Correction:- The daily chart shows a market that has been bullish for about a year to March 2017.- Then, we saw price flatten and eventually retreat.- Last week's false breakout to the upside suggested bears were still in charge at least in the short-term. - Indeed it looks like IBM's price action is still in bearish correction mode.- But we should start looking at support factors around 170.Support:As price slides, IBM will approach 1) a rising trendline2) previous resistance at 1703) previous support/resistance around 165.- Therefore, I think the 165-170 area is a critical support area especially if the overall mode is still bullish. - Note this was the a consolidation range. - We should also look at the RSI. If we see a bullish divergence with the RSI as price stalls in the 165-170 area, anticipate at least a short-term swing to test the price top.Targets:- A conservative target would be 179. If the market holds here and slides, we might still in consolidation and even bearish correction mode.- A slightly aggressive one would be around 182, which is around the 2017 high. If price tests this high and retreats, we might still be in consolidation.- And anything above that is assuming the consolidation period is over and the bullish trend is resuming.