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 $48.18 and $48.73 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.
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 $48.54, 49% above that low price. In the last five trading sessions, the 50-day moving average (MA) has climbed 1.6% while the 200-day MA has slid 0.3%.
International Paper has overhead space with shares priced $48.54, or 8.6% below the average consensus analyst 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.
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 9.8%. 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