Artem Voloskovets
⬤ Iris Energy is catching its breath after an impressive run-up, and the charts are telling an interesting story. Trading in the mid-$50s, IREN is holding firm above its rising EMA cloud – a technical indicator that's sitting right around the $48 mark. What we're seeing isn't a reversal, just the stock digesting its recent gains while maintaining a solid upward trend structure.
⬤ The weekly chart paints a pretty clear picture: higher highs and higher lows are still in play, which is exactly what you want to see in a healthy uptrend. The EMA cloud continues expanding upward, showing that the underlying momentum hasn't faded. Old resistance levels have flipped into support zones, which is a classic sign that buyers are still in control of this story.
⬤ Here's what makes this setup interesting for traders watching energy and growth stocks: IREN's ability to stay planted above that weekly EMA cloud suggests the trend has staying power. If we do see a pullback toward the $48 zone, it wouldn't necessarily be a red flag – it could actually be a healthy pause that sets up the next leg higher. The real question now is whether this consolidation phase leads to another push upward or if we'll see a bit more cooling off before the next move.
Artem Voloskovets
