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

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Intl Paper Co (NYSE:IP) based on the price action in the company's shares. Yesterday's price range of $45.70 and $46.17 is within the prior day'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 Intl Paper Co 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 paper products. The Company offers uncoated printing and writing papers, pulp, and fiber-based packaging products. International Paper serves customers globally.

Intl Paper Co (NYSE:IP) has potential upside of 36.6% based on a current price of $45.95 and analysts' consensus price target of $62.75. The stock should find initial support at its 200-day moving average (MA) of $43.60 and further support at its 50-day MA of $41.72.

Over the past year, Intl Paper Co has traded in a range of $36.45 to $48.24 and closed yesterday at $45.95, 26% above that low. Over the past week, the 200-day moving average (MA) has remained constant while the 50-day MA has advanced 1.1%.

SmarTrend is tracking the current trend status for Intl Paper Co and will alert subscribers who have IP in their portfolio or watchlist when shares have changed trend direction.

Keywords: bearish am inside day candle intl paper co

Ticker(s): IP