Saad Ullah
⬤ IREN has mounted an impressive comeback from its recent lows, with shares jumping about 75% off the bottom as technical momentum indicators turn bullish. The stock has already delivered a strong rebound, and the latest chart signals suggest there's still room to run. Price action has stabilized after a pullback, with shares currently trading in the mid-$50 range and showing signs of renewed strength.
⬤ The daily chart reveals something interesting: both momentum indicators have recently flipped to positive territory, triggering a color change that has historically marked the start of strong rallies in IREN. This setup looks similar to a previous pattern where comparable momentum conditions kicked off an extended upward move. While the earlier rally was significantly larger, the current chart shows fresh strength building rather than guaranteating history will repeat itself. What's encouraging is that price action keeps forming higher lows, suggesting buyers are stepping in after each dip.
⬤ From a technical standpoint, the chart maps out a potential path to higher ground, with the $76 to $96 zone marked as a key area to watch. The $96 level stands out as a highlighted extension target based on the wave structure visible on the chart. That said, IREN is still trading well below this projection, and getting there would require sustained momentum and follow-through from current levels. The stock has already clawed back a meaningful chunk of its previous decline, pointing to improving short-term trend conditions.
⬤ This setup carries broader market implications because it reflects growing risk appetite in momentum-driven stocks following sharp corrections. If IREN can push higher and hold those gains, it would boost confidence that strong trends can resume even after deep pullbacks. On the flip side, if the stock fails to hold recent support levels, it could slide back into choppy consolidation mode. As price approaches these critical technical zones, traders will be watching closely to see whether momentum can keep rolling or if resistance triggers fresh volatility.
Saad Ullah
