IRIS - SHORT?You might be interested to buy this stock since they won a multibillion project from the government. You frustrated that you didn't get to buy it during it prices at 0.15 area. You are so down and when you see that it's prices is going down during the last week you were thinking that this is the time to buy. Well might want to save your money instead. Technically it looks bearish. Not sure what's going on but it didn't look great. The share might go back to it's original 0.15-0.16 base. From there if you still like to the stock, maybe you can start accumulating again. Will it go there? Well only time will tell.
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IRIS trade ideas
IRIS - Re-entry setupIRIS has made a significant advances since 2014 - Mar 2020 collapse, trading above significant resistance at 0.24, bounced off 50% of the advances and recently broken through the downtrend line from Aug 2020 and resistance level at R1. We target the share could climb up to Fibonacci 1.618 at 0.69. Exit below key support at 0.25.
Disclaimer: The content on this analysis is subject to change at any time without notice, and is provided for the sole purpose of assisting traders to make independent investment decisions.
IRIS AnalysisTechnical Anallysis
0.335 resistance breakout with large volume
EMA wave indicator still low. Could be initial stage of uptrend continuation
RSI moving towards overbought area
MACD above centerline
Trading Idea
Beware of false breakout
Entry price 1(low risk): Try to collect around 0.340 after retrace
Entry price 2: 0.350
Cut loss : 0.330
TP1: 0.380
TP2: 0.400
TP3: 0.430