Bank Of Ireland (NYSE:IRE)

Q: Dear Brian, I just saw your name at the alert message from trading markets. I will appreciate your opinion about (IRE) , your expectations. Thanks in advance. A:We issued a Downtrend on IRE on July 2nd @ $8.85, right before it crossed below the 5-day moving average.  When that happens, you need to wait until the stock can find some support before thinking about buying as when stocks break these support levels, it tends to invite shorts.  In the case of IRE, it appears to be looking for some support at the 200-day moving average which is at $6.80.  Having gone from 76 cents in March to a high of almost $13 in about 3 months, some consolidation of gains is expected.  It turns out that $6.80 also happens to be the 50% Fibonacci retrace level.  A common correction where half of a recent run up is given back - happens often.