Intrepid Potash, Inc. (NYSE: IPI)

Intrepid Potash, Inc., together with its subsidiaries, produces and markets muriate of potash and langbeinite in the United States. Its langbeinite is a low-chloride potassium fertilizer with the additional benefits of sulfate and magnesium. The company also offers by-products, such as salt, magnesium chloride, and metal recovery salts. It serves agricultural, industrial, and animal feed markets. The company is headquartered in Denver, Colorado.
To review Intrepid’s stock, please take a look at the 1-year chart of IPI (Intrepid Potash, Inc.) below with my added notations:

IPI has been trading sideways for the last 8 months. Over that period of time the stock has formed a clear resistance level at $17 (red). In addition, the stock has also created a strong level of support at $14 (blue). At some point the stock will have to break one of the two levels that the rectangle pattern has created.

The Tale of the Tape: IPI has clear levels of support ($14) and resistance ($17). The possible long positions on the stock would be either on a pullback to $14, or on a breakout above $17. The ideal short opportunity would be on a break below $14.
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