Intrepid Potash is Near a Key Support Area

Published on Friday, 17 August 2012 08:40 Written by TradersHuddle Wire

New York, August 17th (TradersHuddle.com) - Shares of Intrepid Potash, Inc. (NYSE:IPI) are trading very close to calculated support at $21.54 with price action closing at just $21.99 and placing the stock near levels where traders will start paying attention.

Intrepid Potash's stock range is defined by its calculated support defined at $21.54 and by the resistance level at $23.70, which should be used by traders planning their trades. These support and resistance levels are based on a peaks and troughs algorithm of the stock's price action.

Traders wanting to establish a position should pay close attention to Intrepid Potash's price action, and establish it as close to support as possible, but only after buying materializes. Traders should understand that the resistance point at $23.70 might limit their upside, however, if the stock breaks resistance, it could be a good point to add to the position.

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.