Close to the 50 Day - International Paper

Published on Thursday, 09 February 2012 06:44 Written by TradersHuddle Wire

New York, February 9th (TradersHuddle.com) - Shares of International Paper Company (NYSE:IP) closed the trading day at $30.95 close to its 50 day moving average currently set at $29.87. International Paper's price action is just above this important support level translating into a trading opportunity.

International Paper Company (NYSE:IP) produces and distributes printing paper, packaging, forest products, and chemical products. The Company operates specialty businesses in global markets as well as a broadly based distribution network.

Looking at peaks and troughs horizontal support and resistance levels, we can see current calculated support at $30.50 and calculated resistance at $32.25. These levels should also be evaluated by traders when planning their trades, as they provide an insight into the latest price action.

Traders wanting to establish a position on International Paper will be looking at the price action for evidence of buying near the 50 day moving average, and opening a position as close as possible to this important level. Also traders will be looking at the latest price action, via the stocks current range previously defined for insights of other key levels that might affect their upside or downside.