IP closes higher for the 3rd day in a row


International Paper Company (IP) Technical Analysis Report for Mar 26, 2020 | by Techniquant Editorial Team

Highlights

IP dominated by bulls lifting the market higher throughout the day
IP closes higher for the 3rd day in a row
IP pushes through Wednesday's high

Overview

Moving higher for the 3rd day in a row, IP ended Thursday at 31.01 gaining $2.21 (7.67%), strongly outperforming the S&P 500 (6.24%). The bulls were in full control today, moving the market higher throughout the whole session. Closing above Wednesday's high at 30.51, the share confirmed its breakout through the previous session high after trading up to $0.96 above it intraday.

Daily Candlestick Chart (IP as at Mar 26, 2020):

Daily technical analysis candlestick chart for International Paper Company (IP) as at Mar 26, 2020

Thursday's trading range has been $2.46 (8.43%), that's slightly below the last trading month's daily average range of $2.53. Weekly volatility is also lower, being slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for IP.

One bullish candlestick pattern matches today's price action, the White Candle. The last time a White Candle showed up on March 17th, IP actually lost -7.58% on the following trading day.

While the stock is experiencing a short-term uptrend, this could just be a correction, as both the medium and long-term trends are still bearish.

Among the seven market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "3 Consecutive Higher Closes" stand out. Its common bullish interpretation has been confirmed for International Paper. Out of 164 times, IP closed higher 53.05% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the long side has been after 10 trading days, showing a win rate of 53.05% with an average market move of 0.33%.


Market Conditions for IP as at Mar 26, 2020

Loading Market Conditions for IP (International Paper Company)...
Trending Assets

Upgrade your trading!

Get the stats behind the charts

Find out what happened when International Paper Company traded like this in the past. See the odds for each technical pattern with expected gain and loss.

Find out more
Top Movers
You have free reports remaining. Subscribe for unlimited access...SUBSCRIBELOGINGO!