IREX — Investment Managers Series Trust II - Tradr 2x Long IREN Daily ETF (ETF)
Price: $2.4
· 1 day: -18.05% · 5 days: -42.90% · 1 month: -75.30% · YTD: -92.09%
As of 2026-11-10 17:30 UTC.
52-week range: $1.89 – $90.34 (currently at 1% of the range).
The brief
IREX is in a downtrend, momentum firm. $2.5 is the level overhead; $2.14 the first support below.
5 of 6 technical checks lean bearish.
Price vs 50-day: below
Price vs 200-day: below
50d vs 200d avg: below
MACD: bullish
RSI momentum: 30
5-day tape: -42.9%
Trend
Downtrend · below 50-day & below 200-day
Momentum
RSI 30.4 · MACD bullish
Trend strength
ADX 42.6 · strong trend
Location
-77.1% vs 50-day MA
52-week range
-97% from high · +12% from low
Volatility
ATR 0.96 · ~40.0%/day
Key levels
Level
Type
Distance
$2.5 (resistance)
round
4.12%
$3.0 (resistance)
round
24.95%
$10.48 (resistance)
sma 50
336.48%
$2.14 (support)
52w low
-10.87%
$2.0 (support)
round
-16.7%
$1.5 (support)
round
-37.53%
Indicators
RSI (14)
30.35
MACD
-2.2263
ADX (14)
42.6
ATR (14)
0.96
50-day average
$10.48
200-day average
$24.12
Investment Managers Series Trust II - Tradr 2x Long IREN Daily ETF (IREX) stock analysis, November 5, 2026: Rare earths slide, trend down, math short
Report of 2026-11-05.
Investment Managers Series Trust II - Tradr 2x Long IREN Daily ETF (IREX) fell 13.2% on November 5, 2026, to $2.83, extending a brutal five-day slide of 43.4% that has pushed the fund to a new low. The move comes as the rare earths and critical minerals basket, which IREX tracks, continues to unwind after a sharp October peak. The evidence points to a bearish stance for the next 2–6 weeks: the price sits below its 40-week average, lags the S&P 500 badly, and the breakout math does not reach the 3-to-1 reward-to-risk that would make a downside trade compelling. The story is one of a theme that has lost momentum, with the fund now testing round-number support at $2.50.
Why it matters
The immediate trigger for the latest leg down appears to be a mix of earnings from key holdings and a broader reassessment of the critical minerals trade. On November 4, 2026, PR Newswire reported Energy Fuels' Q3 results, which showed a net loss of $52.4 million, driven by non-cash mark-to-market losses on marketable securities. That same day, PR Newswire covered Tronox's Q3, which beat on revenue but guided to lower Q4 TiO2 volumes. These reports, while not directly about IREX, weigh on the sentiment of the underlying basket, which includes miners and materials processors.
What was already priced in? The fund had already fallen 79% over the past month before this week's slide, so the market had largely discounted the theme's deterioration. The 5-day move of -43.4% is far worse than the S&P 500's -0.7% over the same period, meaning this is not a market-wide selloff but a basket-specific collapse. The fund has lagged the S&P 500 by 71% over the past 50 days, a stark underperformance that underscores how isolated the selling is.
The debate about IREX is really a debate about rare earths and critical minerals. On the bullish side, Forbes argues that China's export restrictions have created a supply chain crisis, with Western nations investing billions in alternative production. On the bearish side, Bloomberg Business highlights the $65 billion critical minerals bet and the demand risks that come with it. The news flow is mixed: Financial Times News reports Solvay's deal to source rare earths from Brazil, which reduces dependence on China, but CNBC notes China is expanding its overseas mining stakes, tightening its grip. The market is clearly pricing in the bearish side right now.
There is no analyst coverage or price target data for IREX, so the valuation debate is moot. The fund's performance is the only signal, and it is screaming lower.
What the evidence says
The long-term trend is down. IREX trades at $2.83, below its 40-week average and its 200-day SMA of $24.93. The 52-week range is $2.83 to $153.72, and the fund is down 98.2% from its high. The thesis for rare earths—that Western supply chains will diversify away from China—is still intact in the news, but the market is not buying it yet. The stock is in a clear downtrend phase, with the 50-day SMA at $11.05 and the RSI at 34.7, which is oversold but not capitulation.
For the next 2–6 weeks, the balance of evidence leans negative. The daily trend runs with the weekly downtrend, and the fund lags the S&P 500 by 71% over 50 days. The conviction is medium, with 2 of 4 points supporting the bearish case. The strongest case against this reading is that the RSI is oversold and the fund has already fallen 79% in a month, so a bounce is possible. However, the trend is so strong that any bounce would likely be sold into, and the math does not favor a long position either.
Levels that matter
The structure holds below $3.00, a round number where sellers have shown up on rallies. The weekly trend is down, and a daily close below $2.50 would confirm the next leg lower. The trend would end only on a weekly close above $24.93, the 200-day SMA, which is a long way off.
The downside breakout level is a daily close below $2.50. From there, the target is $2.00, a round number, with a stop at $3.23 (based on $3.00 plus a quarter of ATR). The reward-to-risk is 0.7 to 1, which does not meet the 3-to-1 threshold that would make a breakout worth the risk. To get to 3-to-1, the target would need to be much lower, or the stop tighter, but the math as it stands is not compelling.
What would change the picture
A weekly close above $24.93, the 200-day SMA, would flip the trend to bullish. That is the only price level that would change the picture. The non-price fact that could do it would be a major policy shift, such as the UK or US announcing a critical minerals finance facility, as The Guardian reports is being called for. That would signal real government backing for the theme.
What to watch
Earnings from other basket holdings, such as Ramaco Resources, which reported Q3 on November 3, 2026, and any upcoming reports from rare earth miners.
Macro news on China's critical minerals policy, as CNBC covered, and any Western response.
The S&P 500's 50-day trend; if the broad market weakens, it could accelerate IREX's decline.
Flows into or out of the fund, if reported, as they would signal whether the selling is retail or institutional.
Myanmar lobbies US to invest in its rare earths sector, dominated by China — Myanmar's military-led government is lobbying the United States to increase investment in its rare earths sector, which is currently dominated by China. The US State Department has outlined a strategy to expand… (Reuters, 2026-11-10)
Rare Earth Price Gap Flags Supply Strains Ahead of Trump-Xi Meet — Rare earth elements are trading at significant premiums outside China compared to domestic prices, highlighting emerging supply chain strains ahead of potential US-China leadership talks. This price divergence… (Bloomberg Business, 2026-11-10)
China extends suspension of new rare earth controls until January — China has announced a two-month extension of export-control waivers for rare earths, keeping the pause in effect until January 10. This decision preserves elements of a broader trade agreement established following the… (Reuters, 2026-11-09)