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Possible Bullish Inside Day Candle Pattern Detected for International Paper (NYSE:IP)

By Shiri Gupta

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. Yesterday's price range of $45.95 and $46.52 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. 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.

International Paper share prices have moved between a 52-week high of $54.05 and a 52-week low of $32.50 and closed yesterday at 43% above that low price at $46.39 per share. The 200-day and 50-day moving averages have moved 0.29% lower and 1.59% higher over the past week, respectively.

There is potential upside of 14.5% for shares of International Paper based on a current price of $46.39 and an average consensus analyst 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 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 am inside day candle International Paper

Ticker(s): IP