Advertising and marketing giant Interpublic Group of Companies (IPG) made a new 52-week high Wednesday. Let's check out the charts and indicators to see how much upside we may have for shareholders.
In the daily bar chart of IPG, below, I can see that the shares surged to print a new 52-week high. Trading volume increased on this rally and that is a good sign for further gains. Prices are trading above the rising 50-day moving average line and above the rising 200-day moving average line.
The On-Balance-Volume (OBV) line shows a saw-toothed rise from October. The Moving Average Convergence Divergence (MACD) oscillator is in a bullish alignment above the zero line.
In the weekly Japanese candlestick chart of IPG, below, I can see that the stock rallied and corrected from 2020 to 2022. This year has been about restarting the uptrend. Prices are trading above the rising 40-week moving average line.
The weekly OBV line has been steady the past two years but shows some new strength in recent weeks. The MACD oscillator is bullish.
In this daily Point and Figure chart of IPG, below, I can see the new high for the move up at $39 and the price target of $64 being projected.
In this weekly Point and Figure chart of IPG, below, I can see the same $64 price target as the daily chart above.
Bottom-line strategy: I would not ignore the new high in IPG. Traders could go long IPG at current levels looking for gains to the $64 area. Risk to $36 for now.
