International Paper Is Breaking Up
International Paper (IP) stocks have shown a significant reversal from a two-year-long downtrend, breaking out in August 2023. The stock prices edged moderately higher by May 2024, but the last three months saw a sharp acceleration, with prices rising 35.0% to $47.50 per share in May. This upward momentum formed an ascending triangle pattern, a technical indicator suggesting a continuation of the rally. Prices attempted to break through the resistance of this triangle in mid-August, potentially paving the way for another 11-13% upside.
At the current levels of $46.00-47.50, buying IP stocks seems reasonable, with a target price set at $52.50-54.00. This target aligns with the triangle’s upside potential. A stop-loss could be strategically placed at $40.30 to protect against downside risks.
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