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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 $44.73 and $45.23 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.

Over the past year, Intl Paper Co has traded in a range of $36.45 to $48.24 and closed yesterday at $45.12, 24% above that low. Over the past week, the 200-day moving average (MA) has remained constant while the 50-day MA has advanced 0.9%.

There is potential upside of 39.1% for shares of Intl Paper Co based on a current price of $45.12 and an average consensus analyst price target of $62.75. Intl Paper Co shares have support at the 200-day moving average (MA) of $43.54 and additional support at the 50-day MA of $42.64.

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.

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: bullish am inside day candle intl paper co

Ticker(s): IP