Iris Energy Limited Stock Forecast
High volatility in Iris Energy Limited stock price on Friday which ended trading at $4.79
(Updated on May 10, 2024)
The Iris Energy Limited stock price fell by -6.26% on the last day (Friday, 10th May 2024) from $5.11 to $4.79. During the last trading day the stock fluctuated 10.28% from a day low at $4.77 to a day high of $5.26. The price has fallen in 6 of the last 10 days and is down by -5.71% for this period. Volume has increased on the last day by 418 thousand shares but on falling prices. This may be an early warning and the risk will be increased slightly over the next couple of days. In total, 5 million shares were bought and sold for approximately $22.86 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 -26.97% during the next 3 months and, with a 90% probability hold a price between $2.39 and $4.03 at the end of this 3-month period. Do note, that if the stock price manages to stay at current levels or higher, our prediction target will start to change positively over the next few days as the conditions for the current predictions will be broken.
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IREN Signals & Forecast
Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). Some negative signals were issued as well, and these may have some influence on the near short-term development. The Iris Energy Limited stock holds sell signals from both short and long-term Moving Averages giving a more negative forecast for the stock. Also, there is a general sell signal from the relation between the two signals where the long-term average is above the short-term average. On corrections up, there will be some resistance from the lines at $4.96 and $5.11. A break-up above any of these levels will issue buy signals. A sell signal was issued from a pivot top point on Tuesday, April 23, 2024, and so far it has fallen -14.16%. Further fall is indicated until a new bottom pivot has been found. Volume rose on falling prices yesterday. This may be an early warning and the stock should be followed more closely.
Support, Risk & Stop-loss for Iris Energy Limited stock
Iris Energy Limited finds support from accumulated volume at $4.60 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 $0.490 between high and low, or 10.28%. For the last week, the stock has had daily average volatility of 8.98%.
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 13th
For the upcoming trading day on Monday, 13th we expect Iris Energy Limited to open at $4.94, and during the day (based on 14 day Average True Range), to move between $4.31 and $5.27, which gives a possible trading interval of +/-$0.476 (+/-9.94%) up or down from last closing price. If Iris Energy Limited takes out the full calculated possible swing range there will be an estimated 19.88% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $4.60 (3.97%) than the resistance at $5.40 (12.73%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Earnings coming up
Iris Energy Limited will release earnings AMC on Wednesday, May 15, 2024.The consensus among the analysts for the expected earnings (EPS) is $0.120. We will update the financials statements for Iris Energy Limited, that can be found here as soon as the records are public. Our systems has calculated a possible swing of +/- 13.18% in the first trading day after earnings release.
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 Hold/Accumulate to a Sell candidate.
Current score: -2.299 Sell Candidate Downgraded
Predicted Opening Price for Iris Energy Limited of Monday, May 13, 2024
| Fair opening price May 13, 2024 | Current price |
|---|---|
| $4.94 ( 3.06%) | $4.79 |
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 | 13.29 % | |
| R2 | 5.24 | 9.38 % | ||
| R1 | 5.12 | 6.97 % | ||
| Current price: | 4.79 | |||
| Support | S1 | 4.75 | -0.85 % | |
| S2 | 4.63 | -3.26 % | ||
| S3 | 4.45 | -7.17 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 5.58 | 16.49 % | |
| R2 | 5.51 | 15.03 % | ||
| R1 | 5.40 | 12.73 % | ||
| Current price | 4.79 | |||
| Support | S1 | 4.60 | -3.97% | |
| S2 | 4.49 | -6.26% | ||
| S3 | 4.33 | -9.60% |
FAQ
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