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Possible Bearish Inside Day Candle Pattern Detected for International Paper (NYSE:IP)

By David Diaz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in International Paper (NYSE:IP) based on the price action in the company's shares. Today's price range of $54.32 and $54.87 is within yesterday's high and low of the day. This trading action often signifies indecision by bulls and bears to drive prices higher or lower and often implies a possible change in trend. Owners of International Paper may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

International Paper Company produces and distributes printing paper, packaging, forest products, and chemical products. The Company operates specialty businesses in global markets as well as a broadly based distribution network. International Paper exports its products worldwide.

International Paper has overhead space with shares priced $54.33, or 1.5% below the average consensus analyst price target of $55.14. International Paper shares have support at the 50-day moving average (MA) of $40.54 and additional support at the 200-day MA of $40.43.

International Paper share prices have moved between a 52-week high of $58.86 and a 52-week low of $32.50 and are now trading 67% above that low price at $54.33 per share. In the last five trading sessions, the 50-day moving average (MA) has climbed 1.6% while the 200-day MA has slid 0.3%.

SmarTrend is monitoring the recent change of momentum in International Paper. Please refer to our Company Overview for the results of our proprietary technical indicators that have been scanning shares of International Paper in search of a potential trend change.

Keywords: bearish inside day candle International Paper

Ticker(s): IP