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INTERNATIONAL PAPER CO (NYSE:IP) showing some interesting technicals. Here's why.

By Mill Chart

Last update: Oct 4, 2023

INTERNATIONAL PAPER CO (NYSE:IP) was identified as a Technical Breakout Setup Pattern by our stockscreener. Such a pattern occurs when we see a pause in a strong uptrend: after a strong rise the stock is consolidating a bit and at some point the trend may be continued. Whether this actually happens can not be predicted of course, but it may be a good idea to keep and eye on NYSE:IP.

IP Daily chart on 2023-10-04

Technical analysis of NYSE:IP

At ChartMill, a crucial aspect of their analysis is the assignment of a Technical Rating to each stock. This rating, ranging from 0 to 10, is calculated daily by considering numerous technical indicators and properties.

We assign a technical rating of 7 out of 10 to IP. IP has been a medium performer in the overall market. Some doubts are observed in the medium time frame, but recent action was very positive.

  • The long term trend is still neutral, but the short term trend is positive, so the stock is getting more and more appreciated by traders and investors.
  • IP is part of the Containers & Packaging industry. There are 23 other stocks in this industry. IP outperforms 81% of them.
  • In the last month IP has a been trading in the 33.30 - 35.85 range, which is quite wide. It is currently trading near the high of this range.
  • Prices have been consolidating recently, this may present a good entry opportunity.
  • When comparing the yearly performance of all stocks, we notice that IP is one of the better performing stocks in the market, outperforming 85% of all stocks. However, this relatively good performance is mostly due to a recent big move.
  • IP is currently trading in the middle of its 52 week range. This is in line with the S&P500 Index, which is also trading in the middle of its range.

Our latest full technical report of IP contains the most current technical analsysis.

Looking at the Setup

Besides the Technical Rating, ChartMill assigns a Setup Rating to every stock to determine the degree of consolidation. This rating, ranging from 0 to 10, is updated daily and evaluates various short-term technical indicators. NYSE:IP currently holds a 8 as its setup rating, suggesting a particular level of consolidation in the stock.

Besides having an excellent technical rating, IP also presents a decent setup pattern. Prices have been consolidating lately and the volatility has been reduced. There is a resistance zone just above the current price starting at 36.06. Right above this resistance zone may be a good entry point. There is a support zone below the current price at 34.77, a Stop Loss order could be placed below this zone.

Trading setups like NYSE:IP

One strategy to consider is waiting for the actual breakout to occur, where the stock breaks out above the current consolidation zone. Traders can then enter a buy position, anticipating further upward momentum. As a risk management measure, it is advisable to set a stop loss order below the consolidation zone.

Of course, there are many ways to trade or not trade NYSE:IP and this article should in no way be interpreted as trading advice. The article is purely based on an automated technical analysis and just points out the technical observations. Always make your own analysis and trade at your own responsibility.

More breakout setups can be found in our Breakout screener.

Disclaimer

This article should in no way be interpreted as advice in any way. The article is based on the observed metrics at the time of writing, but you should always make your own analysis and trade or invest at your own responsibility.

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INTERNATIONAL PAPER CO

NYSE:IP (2/21/2024, 7:04:00 PM)

After market: 34.7 -0.03 (-0.09%)

34.73

-1.01 (-2.83%)

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