IPAPPM has given trendline breakout

The stock of International Paper APPM Limited gave a downward sloping trendline breakout on Friday formed by connecting swing highs from September 10, 2018. The breakout was supported by justifiable volumes. Additionally, the stock had formed bullish opening marubozu candle on the breakout day, which indicates extreme bullishness.

Meanwhile, on breakout day stock has also managed to close above its 20-day, 50-day and 100-day EMA. The 14-period RSI is currently quoting at 60.97, which depicts positive momentum. The daily MACD stays bullish as it is trading above its signal line.

In the near term, the zone of Rs. 452 to Rs. 445 is likely to act as short-term support as 20-day, 50-day and 100-day EMA are placed in that region. While on the upside, any decisive close above the recent swing high of Rs. 490, the stock is likely to extend its northward journey.

On Friday, the stock of International Paper APPM Limited closed at Rs. 474.10 per share, surged by 6.66 per cent. The stock opened at Rs. 451.25 per share and hit an intraday high of Rs. 476 and a low of Rs. 450.35 per share on BSE.