The bullish DailyPlay we chose for Wednesday Oct 25th is International Paper (IP). IP is part of the Materials Sector (XLB). Over the last month, XLB has experienced a 4.08% move higher and its 1m and 6m trend has turned bullish on 8/30 while breaking above its $56 resistance level.
International Paper’s 1m and 6m trends turned bullish on 9/11 and recently broke above its $58 resistance level which now becomes support. With a technical score of 7 (out of 10), IP is a strong bullish stock that is likely to continue higher.
As a stop loss, if IP was to trade below $58 for multiple days, this would invalidate our analysis and suggest getting out of the trade.
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