Energy Stock Pullback Could Yield Big Returns
Iris Energy (IREN) Schaeffers Investment Research·2024-07-27 00:12
stock just pulled back to its historically bullish 50-day moving average, which over the past three years produced returns of 23.2% for the shares a month later in 67% of circumstances. This trendline also coincides with the 50% year-over-year return level, triple this year’s low of $10.95, as well as the 38.2% Fibonacci retracement of the stock’s initial public offering (IPO) highs and lows.Short interest is rolling over from all-time highs, down 23.2% in the most recent reporting period. Implied volatilit ...