Iris Energy Limited Stock Forecast

High volatility in Iris Energy Limited stock price on Tuesday which ended trading at $14.39
(Updated on Jul 02, 2024)

IREN Signals & Forecast

The Iris Energy Limited stock holds buy signals from both short and long-term Moving Averages giving a positive forecast for the stock. Also, there is a general buy signal from the relation between the two signals where the short-term average is above the long-term average. On corrections down, there will be some support from the lines at $12.57 and $9.93. A breakdown below any of these levels will issue sell signals. Volume is rising along with the price. This is considered to be a good technical signal. Some negative signals were issued as well, and these may have some influence on the near short-term development. A sell signal was issued from a pivot top point on Monday, June 17, 2024, and so far it has fallen -0.415%. Further fall is indicated until a new bottom pivot has been found. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD).

Support, Risk & Stop-loss for Iris Energy Limited stock

Iris Energy Limited finds support from accumulated volume at $13.70 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.

This stock may move very much during the day (volatility) and with a very large prediction interval from the Bollinger Band this stock is considered to be "very high risk". During the last day, the stock moved $2.33 between high and low, or 19.13%. For the last week, the stock has had daily average volatility of 11.32%.

Our recommended stop-loss: $13.80 (-4.08%) (This stock has very high daily movements and this gives very high risk. There is a sell signal from a pivot top found 54 days ago.)

Trading Expectations (IREN) For The Upcoming Trading Day Of Wednesday 3rd

For the upcoming trading day on Wednesday, 3rd we expect Iris Energy Limited to open at $13.69, and during the day (based on 14 day Average True Range), to move between $13.16 and $15.62, which gives a possible trading interval of +/-$1.23 (+/-8.57%) up or down from last closing price. If Iris Energy Limited takes out the full calculated possible swing range there will be an estimated 17.14% move between the lowest and the highest trading price during the day.

Since the stock is closer to the resistance from accumulated volume at $14.45 (0.42%) than the support at $13.70 (4.79%), our systems don't find the trading risk/reward intra-day attractive and any bets should be held until the stock is closer to the support level.

Is Iris Energy Limited stock A Buy?

Iris Energy Limited holds several positive signals and is within a strong rising trend. As the old saying says, "Let the trend be your friend.'". We therefore consider it to be a good choice at these current levels and we are expecting further gains during the next 3 months. We have upgraded our analysis conclusion for this stock since the last evaluation from a Buy to a Strong Buy candidate.

Current score: 5.227 Strong Buy Candidate Upgraded

Predicted Opening Price for Iris Energy Limited of Wednesday, July 3, 2024

The predicted opening price is based on yesterday's movements between high, low, and closing price.