Stocks In Motion: Charts That Profit (IP, INTC, POT, MON)

In just the last few trading days, International Paper Company (NYSE:IP) has gone from a bullish chart to a bearish chart. Note the chart below and the key double top hit late last week. In addition, last Friday, a beautiful topping tail formed. These are two bearish short term indicators telling pro traders the stock may have weakness in the coming days. True to form, International Paper is falling slightly today off that level. The stock is trading at $30.16, -0.26 (-0.85%).

With the NASDAQ flat on the day, Intel Corporation (NASDAQ:INTC) is showing relative weakness, trading at $19.42, -0.30 (-1.52%). The chips are weak overall as the Semiconductor HOLDRs (ETF) (NYSE:SMH) is also down 1%. The key with Intel is to recognize it took out a pivot short term double bottom at $19.70. This leaves the stock open to fall to its next major support at $18.85. At this level, Intel should see solid support.

The fertilizer stocks are showing solid strength today in an otherwise flat market. Stocks like Potash Corp./Saskatchewan (NYSE:POT) and Monsanto Company (NYSE:MON) are trading nicely higher. It appears as if the inflationary fears continue to drive up these stocks. They are quickly approaching a major double top on their daily charts. The Potash double top resistance point will be at $64.00 while the Monsanto double top will be $76.70.

Chart provided by: RealTick LLC

About Gareth Soloway 168 Articles

Affiliation: InTheMoneyStocks.com

Gareth Soloway has been an avid swing and day trader since his days at Binghamton University where he studied Economics. After college, Gareth quickly excelled as a financial advisor, helping clients get their financial houses in order. While helping others gain financial independence, he continued to study the day trading and swing trading world, developing a unique market philosophy and proprietary methods. Following his work in the financial sector, Gareth went on to trade alongside professional traders. Unable to tolerate the hype of Wall Street any longer and having an amazing ability to profit using his developed techniques, Gareth Soloway decided to partner with his friend and colleague, Nicholas Santiago to form InTheMoneyStocks.com. Chief Market Strategist Gareth Soloway serves as the president and CFO of InTheMoneyStocks.Com.

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