Shares of $IBM slid sharply after the most recent earnings report disappointed in revenue. "The revenue dip did not come as much of a surprise to many analysts, who expected a decline for the quarter. But revenue still dropped below estimates of $19.10 billion to $18.76 billion. IBM beat earnings predictions by 2 cents per share, reporting $3.42 per share, excluding certain items." (CNBC)It should be noted that IBM had 3 consecutive quarters of revenue growth that turned around 5 straight years of year-on-year revenue decline. So basically, the story is that IBM has been turning things around, but Q3 of 2018 took the wind out of the sail. I think this can indeed make IBM take a step back, but not necessarily kill the recovery .IBM Daily Chart(click to enlarge)Bearish Breakout:- IBM has been in neutral-bearish mode in 2018.- It looked like price might have rounded out a bottom by September, but that bullish attempt was thwarted by the latest general equities market contraction.- The revenue miss is hitting IBM at a vulnerable time so we might see some extra weakness in its share price. Next Support:- While I noted some optimism above, the weekly chart actually warns me against it. - The next support will be around $117-$120, which was the 2016 low. - I think IBM will have to have a strong Q4 in order for this support to hold. - Otherwise, the overall trend is still bearish. Note that the failed bullish attempt in September held price under the cluster of moving averages (200,100, 50). This is a bearish sign. - If $120 doesn't hold, we can expect a dip to $100, which is a key psychological level as well as s previous support/resistance pivot.IBM Weekly Chart(click to enlarge)