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 $39.89 and $40.27 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 has overhead space with shares priced $39.95, or 24.8% below the average consensus analyst price target of $53.12. The stock should run into initial resistance at its 200-day moving average (MA) of $40.43 and subsequent resistance at its 50-day MA of $40.54.
International Paper share prices have moved between a 52-week high of $54.05 and a 52-week low of $32.50 and are now trading 23% above that low price at $39.95 per share. The 200-day and 50-day moving averages have moved 0.29% lower and 1.59% higher over the past week, respectively.
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.
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: bullish inside day candle International Paper