IP Late Sept update

NYSE:IP   International Paper Company
IP broke out early Sept above the crucial resistance at $37.35 (April high) Also once it broke through $39 resitance line and shot straight into the low mid $40's where it became over bought

The Long term down trend line (white line) did not offer resitance or support on either trip through it.

There was some horizontal support at $40.21 which was the June high on the way back down.

A very interesting discovery Is the the stock price is bouncing fairly accurately off of FIB levels

Also VERY interesting is that the . 786 retracement lines up with the 50DMA which is also close to the April high resistance

Even long term Fibs seem to be in play
MACD on the Daily has turned over, whether or not that stay will be interesting.

Current overall market dynamics right now are low liquidity and a falling market. Which looks like it will continue. RSI still obeying the wedge except for the short period when it was overbought.

I am currently short. Waiting for a retest of the bottom of the channel or lower support AND overall market liquidity improving.

Monthly candle is not finished yet, but 5 of the past 7 months the candle has touched the bottom of the channel


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