Reference Points for Intrepid Potash

Published on Friday, 03 August 2012 08:48 Written by TradersHuddle Wire

New York, August 3rd (TradersHuddle.com) - Intrepid Potash, Inc. (NYSE:IPI) closed the trading day at $22.01, near its 50 day moving average that is set at $21.77. Intrepid Potash's price action is just above this important support level, providing a trading opportunity.

Intrepid Potash, Inc. (NYSE:IPI) mines and markets potash for use as a fertilizer. It also offers by-products, including salt, magnesium chloride, and metal recovery salts. Intrepid serves agricultural, industrial, and feed markets. The company is based in Denver, Colorado.

The peaks and troughs algorithm shows calculated support at $22.40 and calculated resistance at $23.70. These levels should also be evaluated when planning trades, as they provide an insight into the latest price action.

Traders wanting to establish a position on Intrepid Potash should look for evidence of buying near the 50 day moving average, and open this position as close as possible to this important level. Also, they need to consider the latest range defined by the peaks and troughs algorithm for insights on other key levels that might impact an upside or downside move.