After Yesterday's Rally of 1.57% Shares Could Potentially Pullback
International Paper (NYSE:IP) traded in a range yesterday that spanned from a low of $47.32 to a high of $48.17. Yesterday, the shares gained 1.6%, which took the trading range above the 3-day high of $48.14 on volume of 1.6 million shares. Often times after large one-day gains, short term traders will seek to take profits and, as such, investors should be cautious.
Over the past year, International Paper has traded in a range of $32.50 to $54.05 and is now at $47.86, 47% above that low. 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%.
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 8.2%. We continue to monitor IP for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.
Keywords: rebounders International Paper