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

By David Diaz

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Intl Paper Co (NYSE:IP) based on the price action in the company's shares. Yesterday's price range of $52.95 and $53.61 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 Intl Paper Co 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 paper products. The Company offers uncoated printing and writing papers, pulp, and fiber-based packaging products. International Paper serves customers globally.

Over the past year, Intl Paper Co has traded in a range of $50.00 to $66.94 and closed yesterday at $53.00, 6% above that low. Over the last five market days, the 200-day moving average (MA) has remained constant while the 50-day MA has advanced 0.3%.

Intl Paper Co (NYSE:IP) has potential upside of 18.4% based on a current price of $53.00 and analysts' consensus price target of $62.75. Intl Paper Co shares should first meet resistance at the 50-day moving average (MA) of $54.34 and find additional resistance at the 200-day MA of $56.49.

SmarTrend is monitoring the recent change of momentum in Intl Paper Co. Please refer to our Company Overview for the results of our proprietary technical indicators that have been scanning shares of Intl Paper Co in search of a potential trend change.

Keywords: bullish am inside day candle intl paper co

Ticker(s): IP