IRE - WAIT
IRE gave us a possible sign of a bottom today with hammer pattern. This type of pattern always needs a confirmation, and would have to be followed by an up day hitting a higher high and higher low while closing higher. If that occurs, in the short term you can expect IRE to back towards the high $8s. The question right now is if there is a bounce back up, will it just hit the high $8s and fall back to continue its down trend or will it break above this resistance level and start moving higher? If you are more of a risk taker you could choose to take a position around current levels assuming the price moves higher on Monday, and try to capture at least a small gain around the high $8s. You could then sell if it falls back, or hold on or even add to your position with a move above the 200 day MA around $10.00. Personally, I would discourage anyone against taking a long position with a stock who is still clearly in a major down trend, as the overall tendency is down. Right now, despite this bottom signal, at least in the long-term (weekly basis) there is more chance of seeing the trend continue rather than reverse, it's too early to really say, and that's why I suggest to play it safe and WAIT.
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