My charts are setup initially to look for Wyckoff trend continuation patterns, such as re-accumulation and re-distribution, because in general it is better to trade "with" the trend rather than against it, but sometimes these patterns fail and lead to distribution, such as I think is the case for IP.
Ultimately it is tough to differentiate between a congestion...
IP has been trading along an uptrend line, from June 2012 to June 2013, reaching as high as $48.68.
However from June 2013 to now, price has been consolidating sideways between $43 to $50, for about 15 months. This is essentially a very clear Rectangle chart pattern, which indicates a pause in the upward trend in , with an intention to resume the uptrend in...
An underfollowed name, IP recently had a death cross a while back which made me fairly bearish, however since then IP has come roaring back, and the last 4 days has closed on gap fills with HUGE volume well above average vol, since this has filled a number of gaps, I believe this is well set up to reach new highs in the near term, an easy stop is at the volatility...
