By Doug Busch
IREN is set for strong growth as more companies invest in AI and cloud computing.
Its big contracts, with Microsoft and Dell in November, show the company is well-positioned to take advantage of this growing demand. With solid plans and promising opportunities ahead, the stock is attracting attention from investors seeking real potential.
The stock is well positioned in AI infrastructure and also has a stake in bitcoin mining and is benefiting from both. The stock has been volatile and now trades 43% off its most recent 52-week high, even after the nice bounce it is enjoying Monday morning.
Since mid-November, it has recorded three double digit weekly losses, including two of more than 20% during the weeks ending Nov. 14 and Feb. 6. I believe this volatility is not something to fear, but rather an opportunity for those with long term confidence in the story.
Let us take a look at the stock on a daily and monthly basis to confirm our bullish thesis.
The daily chart has reasons for optimism. Monday morning has recaptured its 21 day exponential moving average, which is a solid momentum gauge. Notice the gigantic move it recorded last April after it reclaimed the line, traveling from $5 to the mid 70s by November, not a typo (January did so briefly but soon lost it).
That big move was upended by a couple of bearish engulfing candles on Oct. 10 and Nov. 6. the continuing bottoming process began after bullish candlesticks, including a bullish harami on Dec. 18, which was also a doji candle, and a piercing line off the 200-day simple moving average on March 9, which resulted in a 6% rise. I think the stock can reach $70 in the second half, which would represent a 55% gain from current prices. Remain bullish above $49.
IREN was trading around $44 Monday.
The monthly chart of IREN has some interesting attributes. Notice that in the first month it started trading, November 2021, it registered a doji candle, an ominous sign to start, and another one again in March 2022. The stock's downtrend from the upper $20s did not stop after those troubling signs until a bullish morning star formed at $1 (not a typo) in December of that year.
That was an all clear that a bottom was in play and another morning star added conviction in May 2025 which also started a six month winning streak that rose by a combined 1400% and began a bull flag formation. I think one can enter here and add to through the flag pivot at the very round $50 number. If that occurs, look for the price to move toward par in the first quarter of 2027, doubling its value.
With opportunity on the horizon and strong contracts in place, IREN is a stock worth watching.
Doug Busch is the senior technical analyst at Barron's Investor Circle . His technical view is added to stock picks, including those published exclusively for Investor Circle readers. A glossary of technical terms is updated regularly with new entries.
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(END) Dow Jones Newswires
March 16, 2026 13:27 ET (17:27 GMT)
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