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

By James Quinn

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Intl Paper Co (NYSE:IP) based on the price action in the company's shares. Today's price range of $33.35 and $33.80 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. Owners of Intl Paper Co may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Over the past year, Intl Paper Co has traded in a range of $26.38 to $47.64 and is now at $33.58, 27% above that low. In the last five trading sessions, the 50-day moving average (MA) has fallen 2.1% while the 200-day MA has slid 0.6%.

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.

There is potential upside of 86.9% for shares of Intl Paper Co based on a current price of $33.58 and an average consensus analyst price target of $62.75. The stock should hit resistance at its 200-day moving average (MA) of $40.23, as well as support at its 50-day MA of $32.34.

SmarTrend is tracking the current trend status for Intl Paper Co and will alert subscribers who have IP in their portfolio or watchlist when shares have changed trend direction.

Keywords: bearish inside day candle intl paper co

Ticker(s): IP