IREN's technical picture is weak: after a $5-$75 rise, relative strength is at four and it is being sold heavily. The daily chart is a disaster, down from $49 to $25—a 50% correction—and it broke the swing point at 2892 without bouncing as it should have because volume was heavy.
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IREN. Many people love this stock . These are the people who were going to build all these data centers, and they were supposed to be amazing. Let me put it on the weekly chart so you can see how great it is .
It was great from $5 all the way up to $75, wasn't it? Look at all the rising weeks. wow ! Amazing, isn't it? Relative strength was on the rise. Look at the relative strength now.
It's at four. Therefore, this stock is being sold heavily. And when I put it on the daily chart, it's just a disaster, isn't it? There aren't many green days in this downward trajectory from $49 to $25.
This is a 50% correction. It broke right through that swing point at 2892. It should have bounced off there, but you know, there was a lot of trading volume down the way and it couldn't hold.
Ah, some of these stocks are being wiped out in the artificial intelligence sector.