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Possible Bullish Inside Day Candle Pattern Detected for Intrepid Potash (AMEX:IPI)

By James Quinn

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Intrepid Potash (AMEX:IPI) based on the price action in the company's shares. Today's price range of $1.16 and $1.18 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 Intrepid Potash may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Potential upside of 300.2% exists for Intrepid Potash, based on a current level of $1.17 and analysts' average consensus price target of $4.68. The stock should find initial resistance at its 50-day moving average (MA) of $1.19 and further resistance at its 200-day MA of $3.93.

Intrepid Potash, Inc. mines and markets potash for use as a fertilizer. The Company also markets langbeinite.

Intrepid Potash share prices have moved between a 52-week high of $13.01 and a 52-week low of $0.65 and are now trading 80% above that low price at $1.17 per share. The 200-day and 50-day moving averages have moved 4.69% lower and 6.45% lower over the past week, respectively.

SmarTrend is tracking the current trend status for Intrepid Potash and will alert subscribers who have IPI in their portfolio or watchlist when shares have changed trend direction.

Keywords: bullish inside day candle amex:ipi Intrepid Potash

Ticker(s): IPI