IP is approaching our first resistance at 49.59 (horiozntal overlap resistance, 38.2%, 50% fibonacci retracement) where a strong drop might occur below this level to our first support at 37.78 (horizontal swing low support).
Stochastic (21,5,3) is also approaching resistance where we might be seeing a corresponding drop in price.
I think with the long awaited war against plastic this company has great potential to grow.
The company depends heavily on raw materials such as wood fiber, purchased in the form of pulpwood, wood chips and old corrugated containers (OCC), and certain chemicals, including caustic soda and starch, and energy sources, principally natural gas, coal and fuel oil....
IP is approaching our first resistance at 49.59 (horizontal pullback resistance, 50%, 38.2% fiboancci retracement) where a strong drop might occur below this level pushing price to our major support at 37.78 (horizontal swing low support).
Stochastic 21,5,3) is also approaching resistance where we might see a corresponding drop in price.
This 120m chart of IP shows the stock breaking trendline support and then holding a re-test of the trendline as resistance. Further, price action from the high looks to be a clear "5 down, 3 up" Elliott Wave pattern. Initiating a short position at 53.50 for a continuation lower, with a profit target at 43.50. A move above 60 would cause me to reevaluate the trade.
Failed mergers, an industry where consolidation and change are struggling to bring shareholders value. There's a lot to be wanting to try and keep up with the current "value" market. However, International Paper will struggle fiercely to try and impress. Lowest fib level is what demonstrates the inability of the company to break out. We've now plunged under it and...
IP consolidated for a few months below 60 creating an acsending triangle
yesterday price broke above resistance level on high vol and today momentum continued
stock looking very bullish as long as 58-59 acts as support
IP signalled a short trade twice and please note that I am already in this position. However, I believe it still has legs to hit the target in the circle.
