International Paper (IP) is scheduled to report its latest quarterly figures on April 27 before the market opens. The report will be for the fiscal quarter ending March 2023. Let's review the state of the charts and indicators.
In the bar chart of IP, below, I can see that the shares have done some bottoming work and look poised for a test and maybe an upside breakout over the declining 200-day moving average line. Trading volume looks to be more active since September.
The On-Balance-Volume (OBV) line looks like it has made a low in March. The Moving Average Convergence Divergence (MACD) oscillator is crossing above the zero line for an outright buy signal.
In the weekly Japanese candlestick chart of IP, below, I can see the shares are at an interesting juncture. IP is below the declining 40-week moving average line but looks poised for a test and maybe a break of the line.
The weekly OBV line has been basing since October. The MACD oscillator is still below the zero line for now.
In this daily Point and Figure chart of IP, below, I can see a potential price target in the $55 area.
In this weekly Point and Figure chart of IP, below, I can see the same upside price target as the daily chart -- $55.
Bottom-line strategy: Traders could go long IP at current levels risking to $33 for now. The $55 area is my price target.
