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

By Nick Russo

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 $32.52 and $33.06 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.

In the past 52 weeks, shares of Intl Paper Co have traded between a low of $26.38 and a high of $47.64 and closed yesterday at $32.60, which is 24% above that low price. The 200-day and 50-day moving averages have moved 0.5% lower and 1.93% lower over the past week, respectively.

There is potential upside of 92.5% for shares of Intl Paper Co based on a current price of $32.60 and an average consensus analyst price target of $62.75. Intl Paper Co shares should encounter resistance at the 200-day moving average (MA) of $40.28 and support at the 50-day MA of $32.39.

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