IPGP resides in the semiconductor industry and is pulling back with this industry group as June has proven to be a very rough month for this space. I'm expecting that to soon change and IPGP could be a direct beneficiary. But first, there's some technical business that might have to be taken care of. After a very strong uptrend that ended in mid-2011, IPGP consolidated in a bullish long-term ascending triangle. That pattern finally resolved to the upside in early 2015 and the recent selling could be nothing more than a retest of a key breakout level. The selling has been on heavier volume the past couple trading sessions and that could create more stops being triggered and further weakness in the near-term as April price support is being violated intraday today. I'd expect the 77-80 area to provide nice support in the days ahead. Look for a potential reversal in this area. Check out the chart:
Happy trading!
Tom
