The tech giant's earnings report due today, may not have a huge influence on the stock but it could indicate its near future.

IBM's quarterly earnings report is due today and the tech giant is expected to report earnings of $1.79 a share on revenue of $13,5 billion. The earnings report may not have a huge influence on the stock but it could prompt a particular direction for investors. From a technical perspective, its shares are currently trading at $122.60 a share. Towards the downside, the first support level sits at $119.75 followed by a major support level at $115.54, which is located just below the lower trendline of the symmetrical triangle. A break below the major support level could see the stock fall towards some of the pandemic lows. On the other hand, towards the upside, the first resistance sits at $126.53 followed by a further resistance level resting at $131.65. A break above the $131.65 price level may see the stock gradually climb towards the next tough resistance, which is sitting at $144.83 (upper trendline of the triangle). Although, if this was to happen it would be in the long term. Looking at the technical indicators, MACD is currently negative and RSI reads 42, both suggesting a bearish approach. Investors should look out for the earnings report as it could provide an indication of the stock's near future.