Eseandre Mordi
⬤ IREN Limited (ticker: $IREN) has climbed back into the $40 zone following its December recovery and is now holding firm above the $39-$40 support band. The broader pennant breakout flagged last week remains active, and this week brought fresh buying pressure that pushed the stock back above $40. Price action held that support level through yesterday's session, creating what appears to be a bull flag on the 1-day and 4-hour charts over the past several trading days.
⬤ The near-term setup points toward $45 as the next upside target, with $48 following close behind. If momentum continues building, there's room for $IREN to challenge the $50 level within the next one to two weeks. "HeatSeeker has the King Node for next week at $45," which aligns with the same bullish projection. The chart shows a clear bounce off recent lows, a breakout above the prior downtrend line, and current consolidation forming a tight flag just above support—all of which keep the constructive outlook intact as long as that base holds.
⬤ Looking further out, 2026 is shaping up as a potential breakout year for growth names tied to data centers, AI infrastructure, memory, robotics, energy, and solar. IREN is positioned as one of the stocks expected to benefit from that thematic wave. For now, though, the focus stays on whether the stock can push cleanly out of this flag pattern and make a run at those resistance levels in the $45-$50 range.
⬤ This setup matters because IREN is sitting right at a technical inflection point. Holding above $39-$40 keeps sentiment tilted positive and opens the door for a continuation move. A confirmed break toward $45 and beyond would validate the bull flag structure, while losing support would bring the rising trendline back into focus as the next line of defense. Right now, it's a consolidation play after a solid rebound, and traders are watching to see if IREN can build on its recent strength.
Eseandre Mordi
