What Is Going On With IronNet's Stock?

IronNet Inc. IRNT shares are surging higher Thursday after the stock is getting pushed by traders. The stock has been seeing increased retail interest and has been trending on multiple social media sites throughout the day.

IronNet is up 27% at $41.25 at time of publication.

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IronNet Daily Chart Analysis

• The stock recently broke out of what technical traders call an ascending triangle pattern and has been flying higher.
• The $30 price level is an area where the stock had struggled to cross above in the past. Now above, this price level is looking to hold as an area of support. The higher low trendline is also a place the stock could find support.
• The stock trades above both the 50-day moving average (green) and the 200-day moving average (blue), indicating the stock is likely facing a period of bullish sentiment.
• Each of these moving averages may hold as a potential area of support in the future.
• The Relative Strength Index (RSI) has been pushing higher the past few days and broke into the overbought area. The RSI now sits at 80, well into the overbought area where there are many more buyers than there are sellers.

What’s Next For IronNet?

Bullish traders want to see the stock continue to break out before it cools off. When it cools off, bulls want to see the stock consolidate for a time while being able to hold its gains for a possible next leg up in the future.

Bears are looking to see the stock fall back below the $30 level and start to trade below it. Bears would then like to see the stock fall below the higher low trendline for a possible change in trend in the future.