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

By David Diaz

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. Today's price range of $53.26 and $53.72 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 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.

Intl Paper Co share prices have moved between a 52-week high of $66.94 and a 52-week low of $50.00 and are now trading 7% above that low price at $53.62 per share. In the last five trading sessions, the 50-day moving average (MA) has fallen 0.2% while the 200-day MA has remained constant.

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 has overhead space with shares priced $53.62, or 14.5% below the average consensus analyst price target of $62.75. The stock should run into initial resistance at its 50-day moving average (MA) of $54.21 and subsequent resistance at its 200-day MA of $55.97.

SmarTrend recommended that its subscribers protect gains by selling shares of Intl Paper Co on June 15th, 2018 by issuing a Downtrend alert when the shares were trading at $55.66. Since that call, shares of Intl Paper Co have fallen 3.5%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: bearish inside day candle intl paper co

Ticker(s): IP