Iridium Communications (IRDM) was downgraded by TheStreet Quant Ratings but the technical condition of IRDM is looking stronger and stronger.
Bears might point to the declining 50-day and 200-day moving averages on IRDM, chart above, but there are a number of bullish clues to focus on. Prices and the On-Balance-Volume (OBV) line bottomed in the August/September/October period. The OBV line has been rising nicely even while IRDM moved sideways. Traders and investors look like they have been buying dips on IRDM in the $7 to $6 area.
This longer-term chart of IRDM, above, shows a potential double bottom at the $6 level. The OBV line is flat on this timeframe. Prices are right on the 40-week moving average line and could easier close above it. This setup may be helped by the bullish divergence between the equal price lows and the higher momentum lows in the lower panel.