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 $45.16 and $45.50 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.
In the past 52 weeks, International Paper share prices have been bracketed by a low of $32.50 and a high of $54.05 and are now at $45.30, 39% above that low price. Over the last five market days, the 200-day moving average (MA) has gone down 0.3% while the 50-day MA has advanced 1.6%.
International Paper (NYSE:IP) has potential upside of 17.3% based on a current price of $45.30 and analysts' consensus price target of $53.12. 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.
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 tracking the current trend status for International Paper and will alert subscribers who have IP in their portfolio or watchlist when shares have changed trend direction.
Keywords: bullish inside day candle International Paper