Above Resistance: International Paper
Published on Monday, 20 August 2012 08:52 Written by TradersHuddle Wire
New York, August 20th (TradersHuddle.com) - Shares of International Paper Company (NYSE:IP) closed the session at $34.58 just above calculated resistance at $34.45. The stock effectively broke out and grasped the attention of momentum traders, which could eventually push the stock to a different trading range.
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 stock was trading in a well defined range with support at $31.49 and resistance at $34.45. Given that this range was broken, traders will be closely monitoring International Paper's price action to gather clues on the future direction.
From a technical perspective, it can be expected that previous resistance becomes support, as the new range gets defined. However, given that International Paper is still near the broken resistance level, traders will be focusing on the $34.45 level to see if the stock holds the breakout without rolling over.
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