Possible Bullish Inside Day Candle Pattern Detected for International Paper (NYSE:IP)
SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in International Paper (NYSE:IP) based on the price action in the company's shares. Today's price range of $47.25 and $47.47 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. Traders and investors interested in shares of International Paper may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.
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.
Over the past year, International Paper has traded in a range of $32.50 to $54.05 and is now at $47.34, 46% above that low. Over the past week, the 200-day moving average (MA) has gone down 0.3% while the 50-day MA has advanced 1.6%.
Potential upside of 12.2% exists for International Paper, based on a current level of $47.34 and analysts' average consensus price target of $53.12. 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.
SmarTrend recommended that subscribers consider buying shares of International Paper on July 12th, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $43.74. Since that recommendation, shares of International Paper have risen 7.6%. We continue to monitor IP for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.
Keywords: bullish inside day candle International Paper