The “Chart of the Day” is International Paper (IP), which showed up on Wednesday’s Barchart “NYSE 12-month low” list and may be a candidate for a short position. International Paper on Wednesday fell by 1.07% and posted a new 13-month low. Trendspotter(tm) has been short International Paper for the past two weeks since Aug 11 at $21.75. International Paper, with a market cap of $9.2 billion, is a global paper and forest products company that produces printing and writing papers, pulp, tissue, paperboard and packaging, and wood products, along with specialty chemicals and specialty panels and laminated products.
How we found the Chart of the Day:
We found the “Chart of the Day” by scanning the Barchart “New Highs/Lows” page. Then we clicked on the entry for NYSE 12-month lows. Then we sorted the list by Percent to find the largest percentage losers. A new 12-month low is a sign of downside momentum.
Barchart’s Opinion trading systems are nearly all a Sell and Barchart’s daily Trendspotter(tm) trading system is a “Sell.” Please note that the Barchart Opinion indicators are updated live during the session every 10 minutes and can therefore change during the day as the market fluctuates. The indicator numbers shown below therefore may not match what you see live on the Barchart.com web site when you read this report.
- Trendspotter: Sell
- Short-Term Indicators: 80% Sell
- Medium-Term Indicators: 100% Sell
- Long-Term Indicators: 100% Sell
- Overall Average 96% Sell
Barchart links for further information:
Quotes and Charts, Technical Analysis, Barchart Opinions, and Chart of the Day Archives
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