Interpublic Group of Companies, Inc. (IPG) recently popped significantly off an uptrend line that the stock had been trading along for approximately seven months. The pullback has taken place on decreasing volume, and brought IPG to the uptrend support line during Tuesday's trading session.

IPG managed to bounce off uptrend support. Aside from the upside reaction to the support level, the fact that the bounce occurred on heavy volume confirms the move. It appears uptrend support is still very much alive. Watch price action for a couple more days to make sure the uptrend is valid, but based on Tuesday it certainly is.



Andy Swan is co-founder and head trader for DaytradeTeam.com. To get all of Andy's day trading, swing trading, and options trading alerts in real time, subscribe to a one-week, all-inclusive trial membership to DaytradeTeam by clicking here.