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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 $54.55 and $54.78 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.

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.

There is potential upside of 9.7% for shares of Intl Paper Co based on a current price of $54.67 and an average consensus analyst price target of $60.00. The stock should discover initial support at its 50-day moving average (MA) of $40.54 and subsequent support at its 200-day MA of $40.43.

Intl Paper Co share prices have moved between a 52-week high of $58.95 and a 52-week low of $39.23 and are now trading 39% above that low price at $54.67 per share. The 200-day and 50-day moving averages have moved 0.29% lower and 1.59% higher over the past week, respectively.

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

Keywords: bearish inside day candle intl paper co

Ticker(s): IP