$IREN #IREN

IREN showed unusual divergence from other miners yesterday. I checked the news flow and didn’t find anything specific. We’re clearly in a different kind of macroeconomic environment Powell says he won’t cut rates, but the market doesn’t believe him. In fact, we’ve almost seen a pricing-in of rate cut optimism.

IREN was rejected from the $10.95 volume resistance and is currently squeezed between a short red diagonal resistance and the Fibo61 level. Institutional buying looks solid there was fund inflow four weeks ago. RSI is in a favorable position for an upward move.

....

As I always say: miners need a Fed put.

Without it, if the stock has a potential of 10, it might only deliver a 3–5 level performance.

It may follow a path similar to the one I marked with the arrow 🤞