International Business Machines Corp. (NYSE:IBM) is trading lower today at $197.22, -2.38 (-1.19%). The stock has dropped sharply since it reported earnings. While the price action is negative, IBM has hit its first major support on the daily chart. This level is at $196.80 and can be seen on the chart below. A bounce from this level in the short term is likely. IBM hit a 52 week high of $210.69 on April 3rd, 2012. It has fallen 6.6% since its high.