This Stock Is Ready To Breakout
Ryan Mallory | Feb 23, 2015 04:04PM ET
International Paper Company (NYSE:IP) had some positive news on Monday, which intraday caused the stock price to suddenly spike.
But the magic isn't in the intraday action but in the potential breakout on the daily chart that has held my attention for the past few days.
Currently it is finding solid support off of the 10-day moving average and is looking to break out above the highs of the previous six days. If that happens, then we may well have a nice runner on our hands going forward.
Here's the trade setup:
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