Iris Energy Limited Stock Forecast
Weaker technical forecast for Iris Energy Limited as stock downgraded to Sell Candidate.
(Updated on Apr 26, 2024)
The Iris Energy Limited stock price fell by -1.74% on the last day (Friday, 26th Apr 2024) from $5.17 to $5.08. It has now fallen 3 days in a row. During the last trading day the stock fluctuated 6.01% from a day low at $5.00 to a day high of $5.30. The price has risen in 6 of the last 10 days and is up by 9.25% over the past 2 weeks. Volume fell on the last day along with the stock, which is actually a good sign as volume should follow the stock. On the last day, the trading volume fell by -954 thousand shares and in total, 5 million shares were bought and sold for approximately $22.90 million.
The stock lies in the middle of a very wide and falling trend in the short term and further fall within the trend is signaled. Given the current short-term trend, the stock is expected to fall -4.43% during the next 3 months and, with a 90% probability hold a price between $3.16 and $7.65 at the end of this 3-month period.
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IREN Signals & Forecast
There are few to no technical positive signals at the moment. The Iris Energy Limited stock holds sell signals from both short and long-term Moving Averages giving a more negative forecast for the stock. On corrections up, there will be some resistance from the lines at $5.17 and $5.16. A break-up above any of these levels will issue buy signals. A sell signal was issued from a pivot top point on Wednesday, February 14, 2024, and so far it has fallen -38.80%. 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). Volume fell together with the price during the last trading day and this reduces the overall risk as volume should follow the price movements.
Support, Risk & Stop-loss for Iris Energy Limited stock
Iris Energy Limited finds support from accumulated volume at $5.01 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 much during the day (volatility) and with a large prediction interval from the Bollinger Band this stock is considered to be "high risk". During the last day, the stock moved $0.300 between high and low, or 6.01%. For the last week, the stock has had daily average volatility of 8.63%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (IREN) For The Upcoming Trading Day Of Monday 29th
For the upcoming trading day on Monday, 29th we expect Iris Energy Limited to open at $5.13, and during the day (based on 14 day Average True Range), to move between $4.56 and $5.60, which gives a possible trading interval of +/-$0.515 (+/-10.14%) up or down from last closing price. If Iris Energy Limited takes out the full calculated possible swing range there will be an estimated 20.29% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $5.01 (1.38%) than the resistance at $5.40 (6.30%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is Iris Energy Limited stock A Buy?
Iris Energy Limited holds several negative signals and is within a very wide and falling trend, so we believe it will still perform weakly in the next couple of days or weeks. We therefore hold a negative evaluation of this stock. Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this stock since the last evaluation from a Buy to a Sell candidate.
Current score: -2.531 Sell Candidate Downgraded
Predicted Opening Price for Iris Energy Limited of Monday, April 29, 2024
| Fair opening price April 29, 2024 | Current price |
|---|---|
| $5.13 ( 0.92%) | $5.08 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for IREN
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 5.43 | 6.83 % | |
| R2 | 5.31 | 4.57 % | ||
| R1 | 5.24 | 3.18 % | ||
| Current price: | 5.08 | |||
| Support | S1 | 5.01 | -1.34 % | |
| S2 | 4.94 | -2.73 % | ||
| S3 | 4.83 | -4.99 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 5.58 | 9.84 % | |
| R2 | 5.51 | 8.46 % | ||
| R1 | 5.40 | 6.30 % | ||
| Current price | 5.08 | |||
| Support | S1 | 5.01 | -1.38% | |
| S2 | 4.93 | -2.95% | ||
| S3 | 4.90 | -3.54% |
FAQ
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