International Paper Is Approaching Important Moving Averages
Published on Wednesday, 20 June 2012 07:52 Written by TradersHuddle Wire
New York, June 20th (TradersHuddle.com) - International Paper Company (NYSE:IP) closed the the trading session at $29.93, near its 50 day and 200 day moving averages currently set at $30.93 and $30.11 respectively. International Paper's price action places the stock below these important levels, which makes it difficult to be bought, as it will certainly face resistance as it approaches these important moving averages.
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.
The latest price action range, defined by a peaks and troughs algorithm, placed calculated support at $28.38 and resistance at $30.26. Traders should monitor these levels, as they provide insight into the latest price dynamics in International Paper.
If traders want to establish a position on International Paper, given the heavy resistance expected near the 50 and 200 day moving averages, a trade might be evident as the stock manages to break these moving averages. However, until the break materializes buying the stock is nothing different than flipping a coin.
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