Intrepid Potash (IPI)

[CHA$E]

Intrepid Potash Close to Resistance ...


...New York, June 2nd (TradersHuddle.com) - Shares of Intrepid Potash, Inc. (NYSE:IPI) are trading very close to calculated resistance at $32.25 with the current price action closing at just $30.93 placing the stock near levels that make it difficult to buy.

Intrepid Potash, Inc. (NYSE:IPI) mines and markets potash for use as a fertilizer. It also offers by-products, including salt, magnesium chloride, and metal recovery salts. Intrepid serves agricultural, industrial, and feed markets. The company is based in Denver, Colorado.

Intrepid Potash's current stock range is defined by current calculated support defined at $28.80 and by the resistance level at $32.25, the stock is clearly over-extended from support, making it difficult to establishing new long positions at this level.

Traders don't have a clear entry point for Intrepid Potash, as the stock is well above support, however, as the stock pulls back towards $28.80 it will definitely provide a reference point to establish a trade. On the other hand if the stock decides to break above resistance level at $32.25 then traders will get an opportunity to enter Intrepid Potash stock by establishing a position as the stock moves to a higher range.


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http://www.tradershuddle.com/Trading-Ideas/23940306022011-intrepidpotash-close-to-resistance.html