IRNT: depending on where IRNT goes in the pre-market can determine which price action
This bearish looking wedge we have formed is on top of a critical support zone.
~If 35 breaks, we can see a dip all the way to 22. Why?
~There is a gap to fill on the down. ranges 21.30-24.50. All previous gaps have fill on the down except this one.
~If IRNT does release a share offering like some are predicting it will, price will inevitably go down and could be another reason for the dip.
~If 44.50 is broken, we could see price action to 55 and maybe even 60
~Note that during hours there were no call contracts past 60 bucks (interesting though may not matter)
~WSB has had huge rallies saying this stock will squeeze like there is no tomorrow. Be ready to go up and up if another squeeze occurs and don't forget to take profit when you wanna screenshot.
DOWN DOWN DOWN (support zones):
~Note that these zone may provide resistance to a rug pull. The italicized zones will give the most fight.
~35 - 37
~30.90 - 32.55
~29.25 - 30.21
~27.20 - 28
This bearish looking wedge we have formed is on top of a critical support zone.
~If 35 breaks, we can see a dip all the way to 22. Why?
~There is a gap to fill on the down. ranges 21.30-24.50. All previous gaps have fill on the down except this one.
~If IRNT does release a share offering like some are predicting it will, price will inevitably go down and could be another reason for the dip.
~If 44.50 is broken, we could see price action to 55 and maybe even 60
~Note that during hours there were no call contracts past 60 bucks (interesting though may not matter)
~WSB has had huge rallies saying this stock will squeeze like there is no tomorrow. Be ready to go up and up if another squeeze occurs and don't forget to take profit when you wanna screenshot.
DOWN DOWN DOWN (support zones):
~Note that these zone may provide resistance to a rug pull. The italicized zones will give the most fight.
~35 - 37
~30.90 - 32.55
~29.25 - 30.21
~27.20 - 28
Redemption are when a company requires shareholders to sell a portion of their shares back to the company. For a company to redeem shares, it must have stipulated upfront that those shares are redeemable, or callable. ... Shareholders are obligated to sell the stock in a redemption. Thus the number of shares that the public has access to goes down drastically. This makes it easier for retail investors to make the price soar themselves as the public float is now low af. However this high price wont last long as more shares are added back into the market.
92 percent of IRNT redeemed their shares. Thus reddit attacked it.
It is very probable that if a SPAC stocks dips below 10 bucks, it will be redeemed. And if that number is high enough. reddit will attack it. They have a habit of doing it
IRNT will most likely return to the 10s and return to being irrelevant for the time