Jim Cramer focused on industrial names this morning (Monday) and pointed out that the papers represented by WestRock (WRK) and International Paper (IP) look good, too. We wrote about WRK on September 16 so let's check out IP today.
In this daily bar chart of IP, below, we can see that prices broke out above the 200-day moving average line in early September. The rally has accelerated in recent weeks and is challenging the highs of December. Prices are above the rising 50-day moving average line which crossed above the 200-day moving average line last month for a bullish golden cross signal. The slope of the 200-day line is still negative but it has begun to bottom.
The On-Balance-Volume (OBV) line has been rising and has already broken above its December peak telling us that buyers of IP have been more aggressive.
The Moving Average Convergence Divergence (MACD) oscillator is in a bullish alignment above the zero line.