Million

Iridium

<ul class="list-ic vertical"> 
 <li> <span>1</span> <a>Iridium Communication stock price closed at $47.67 with a loss of 2.2% during the last intraday session.</a> </li> 
 <li> <span>2</span> <a>IRDM stock price has slipped below 20, 50, 100, and 200-day exponential moving averages.</a> </li> 
 <li> <span>3</span> <a>The year-to-date return of Iridium Communication is -8.04%.</a> </li> 
</ul> 
<p>Iridium Communication (IRDM) stock price has been in a strong downtrend after it broke the major psychological level of $60. The drop came after the release of second-quarter earnings results. The company reported a Q2 net loss of $0.24 while the consensus estimated it to be -$0.04. Total revenue for the quarter ended June 30 was $193.1 Million, up from $174.9 Million in the prior year.&nbsp;</p> 
<p>The voice and data satellite communication company stated that it expects the revenue to rise by 9% to 11% for the entire year. Recently, the stock price formed support at $47.80 and commenced a bullish rally in order to retest the $50 level but the move was halted as the price reached near $49.75.&nbsp;</p> 
<div class="wp-block-image"> 
 <figure class="aligncenter"> 
  <img decoding="async" loading="lazy" width="1461" height="807" src="https://www.thecoinrepublic.com/wp-content/uploads/2023/09/image-164.png" alt="Iridium Communication (IRDM) Stock: Falls After Q2 Report Release" class="wp-image-165961" srcset="https://www.thecoinrepublic.com/wp-content/uploads/2023/09/image-164.png 1461w, https://www.thecoinrepublic.com/wp-content/uploads/2023/09/image-164-300x166.png 300w, https://www.thecoinrepublic.com/wp-content/uploads/2023/09/image-164-1024x566.png 1024w, https://www.thecoinrepublic.com/wp-content/uploads/2023/09/image-164-768x424.png 768w, https://www.thecoinrepublic.com/wp-content/uploads/2023/09/image-164-750x414.png 750w, https://www.thecoinrepublic.com/wp-content/uploads/2023/09/image-164-1140x630.png 1140w" sizes="(max-width: 1461px) 100vw, 1461px"> 
  <figcaption class="wp-element-caption">
    Source: IRDM Stock Price By <a href="https://www.tradingview.com/x/thrEjmvc/" target="_blank" rel="noopener noreferrer nofollow">TradingView</a>. 
  </figcaption> 
 </figure> 
</div> 
<p>After the rejection, IRDM stock price gained bearish momentum and the previous candle was successful in breaking and closing below the support level of $47.80. If the next candle can break the low of the last candle, the price might melt toward the next support level of $43. On the other hand, if the price forms support and rises back above $47.80, it might retest at $49.75.</p> 
<h2 class="wp-block-heading" id="strong-iridium-communication-announces-its-partnership-with-xuzhou-construction-machinery-group-xcmg-strong"><strong>Iridium Communication Announces Its Partnership With Xuzhou Construction Machinery Group (XCMG)</strong></h2> 
<p>The deal is made with the aim to integrate Iridium’s IoT services into its global fleet of heavy machinery. XCMG will initially be focusing on excavators and later extending it to loaders and crane trucks. XCMG will be leveraging Iridium’s extensive global network and aims to maintain crucial connectivity for its heavy equipment across strategic locations such as Southeast Asia, Latin America, Africa, Central Asia, and Australia.&nbsp;</p> 
<h3 class="wp-block-heading" id="strong-will-irdm-stock-price-fall-to-43-strong"><strong>Will IRDM Stock Price Fall to $43?</strong></h3> 
<div class="wp-block-image"> 
 <figure class="aligncenter"> 
  <img decoding="async" loading="lazy" width="1461" height="807" src="https://www.thecoinrepublic.com/wp-content/uploads/2023/09/image-165.png" alt="Iridium Communication (IRDM) Stock: Falls After Q2 Report Release" class="wp-image-165962" srcset="https://www.thecoinrepublic.com/wp-content/uploads/2023/09/image-165.png 1461w, https://www.thecoinrepublic.com/wp-content/uploads/2023/09/image-165-300x166.png 300w, https://www.thecoinrepublic.com/wp-content/uploads/2023/09/image-165-1024x566.png 1024w, https://www.thecoinrepublic.com/wp-content/uploads/2023/09/image-165-768x424.png 768w, https://www.thecoinrepublic.com/wp-content/uploads/2023/09/image-165-750x414.png 750w, https://www.thecoinrepublic.com/wp-content/uploads/2023/09/image-165-1140x630.png 1140w" sizes="(max-width: 1461px) 100vw, 1461px"> 
  <figcaption class="wp-element-caption">
    Source: IRDM Stock Price By <a href="https://www.tradingview.com/x/QWDI7Lzx/" target="_blank" rel="noopener noreferrer nofollow">TradingView</a>. 
  </figcaption> 
 </figure> 
</div> 
<p>The <a href="https://www.thecoinrepublic.com/2023/08/22/sellers-restrict-buyers-dominance-as-duk-stock-declines-by-4/" target="_blank" rel="noopener noreferrer nofollow">stock price</a> has plunged below 20, 50, 100, and 200-day exponential moving averages, indicating bearish momentum. The Chaikin money flow score has been trading below the 0 mark since 24 July and currently stands at -0.16, suggesting weakness in the market.&nbsp;</p> 
<p>The relative strength index has dropped to 33.28 and will soon enter into the oversold zone, implying strong bearish momentum in the price. The Bollinger bands have contracted indicating a decrease in volatility. IRDM stock price hovers near the lower band which suggests chances of short-term pullback.&nbsp;</p> 
<h4 class="wp-block-heading"><strong>Conclusion&nbsp;</strong></h4> 
<p>The market structure and price action of Iridium Communication is bearish after the stock price faced rejection near $50. Technical parameters are also favouring the selling side but traders should wait for the next candle to break the low of the last candle before entering into any selling bids. However, the RSI will soon enter into the oversold zone which indicates the possibility of a short-term pullback.</p> 
<h5 class="wp-block-heading"><strong>Technical Levels&nbsp;</strong></h5> 
<ul> 
 <li>Major support: $43 and $40</li> 
 <li>Major resistance: $49.75 and $51</li> 
</ul> 
<h5 class="wp-block-heading"><strong>Disclaimer</strong></h5> 
<p>The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.</p>

Iridium Communication (IRDM) Stock: Falls After Q2 Report Release

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