IREN Limited

IREN pullback on the cards

741
IREN is breaking out again on huge candle spread, though I am skeptical of continued rally from here without a pullback first. For now the trend is up.

Price has broken out of its momentum channel and formed a range so I am expecting the excitement to trap late comers and traders with a swift reversal in wave 4. Initial downside target is $47 at the High Volume Node and .0236 Fibonacci retracemenet. Stronger downside momentum could test the rising daily 200EMA at the 0.382 Fibs.

Daily RSI has printed unconfirmed bullish divergence at the EQ.

Continued upside keeps us looking at the pivot targets.

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