Bank of Ireland (NYSE: IRE)

The Governor and Company of the Bank of Ireland provides a range of banking and other financial services to consumer and business banking sectors in Ireland and internationally. The company operates through Retail Ireland, Bank of Ireland Life, Retail UK, and Corporate and Treasury segments. Its deposit products include current accounts, checking and time deposits, and certificates of deposit. The company’s loan products portfolio comprises loans to customers, including overdrafts; installment credit and finance lease receivables; mortgage loans for house purchases; home improvement and secured personal loans; credit cards; property and construction, business, and other services loans; and term loans, project, structured, commercial, and leverage acquired finance, international asset financing, leasing, installment credit, and invoice discounting.

Please take a look at the 1-year chart of IRE (The Governor and Company of the Bank or Ireland) below with my added notations:

1-year chart of IRE (The Governor and Company of the Bank or Ireland)

IRE rallied nicely to start off the year, but has since then given it all back. Along the way, the stock has found support and resistance areas primarily at the levels of $14, $16, $18, $20 and $22 (blue). Each of those prices has been either support or resistance, or even both, multiple times. The stock is now trading between the $14 and $16 levels.


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The Tale of the Tape: IRE is currently trading between $14 and $16. A long trade could be made on a pullback to $14 or on a break above $16. A short trade could be made at $16 or on a break below $14.

Before making any trading decision, decide which side of the trade you believe gives you the highest probability of success. Do you prefer the short side of the market, long side, or do you want to be in the market at all? If you haven’t thought about it, review the overall indices themselves. For example, take a look at the S&P 500. Is it trending higher or lower? Has it recently broken through a key resistance or support level? Making these decisions ahead of time will help you decide which side of the trade you believe gives you the best opportunities.

No matter what your strategy or when you decide to enter, always remember to use protective stops and you’ll be around for the next trade. Capital preservation is always key!

Good luck!

Christian Tharp, CMT

Follow me on Twitter: @cmtstockcoach