I know that when many people think of Thanksgiving, they think of the Irish. Wait. What? Alright, maybe I have my holidays confused, but there are things to like about a few Irish stocks here.
One of my favorite names over the years have been The Governor and Company of the Bank of Ireland (IRE) better known as the Bank of Ireland. A few years back, this was my favorite name, and it rewarded buyers who were long in the single digits. Since March of this year, IRE has been more of a challenge to own, but things look to be turning up.
The price pattern has recently formed a "W," with the second low higher than the first. This has been one of the strongest bullish patterns I've played over the years. Add in the push over the downtrending resistance, and IRE looks set to tackle the $17s again in the very short term. The RSI breakout confirms the price breakout, and when we pair that with a bullish crossover in the Vortex Indicator and MACD, you have reasons to be bullish.
I want to be patient with IRE, which means a stop around $14.25. For the more conservative player, a close below $15.25 should take you out.
IRE isn't alone, though, as Ryanair (RYAAY) looks to be setting up a nice consolidation pattern, plus a breakout. The stock shot higher in early November. It was followed by a consolidation flag.Today, we have a breakout above the flag. Notice how the Vortex Indicator saw the bullish trend (green line) come back and kiss the bearish trend (red line), and now it is pushing back higher. That's a positive, when looking for consolidation followed by breakout.
Anything below $61 should put a bull on high alert, with $60.50 as a hard stop. There may be some resistance around $64, but a push through that level will target $68-to-$70 on the upside.
Overall, this is a very attractive risk-reward against the backdrop of a market trading around all-time highs.