$IREN · U.S. stock perpetuals, intraday outlook
Trading volume is drying up, and the price hasn’t moved back above the recent moving averages. I’d rather wait for a rebound to stall before considering a short. Low volume hasn’t lifted the price out of its weak trend, but that doesn’t mean a sharp drop is inevitable either—chasing it lower may not be wise.
Next, I’ll wait for the price to rebound a bit. If it gets stuck near the moving averages and volume fails to pick up, then it may be worth considering a trade. If it can hold above them, I’ll put the idea of shorting aside for now.
My levels to watch:
If a 15-minute candle closes below 35.08 and the rebound fails to reclaim that level, I’ll consider a short.
Assuming an entry near 35.08, the stop-loss is 35.4979, with an initial target of 34.2443.
Trading volume is drying up, and the price hasn’t moved back above the recent moving averages. I’d rather wait for a rebound to stall before considering a short. Low volume hasn’t lifted the price out of its weak trend, but that doesn’t mean a sharp drop is inevitable either—chasing it lower may not be wise.
Next, I’ll wait for the price to rebound a bit. If it gets stuck near the moving averages and volume fails to pick up, then it may be worth considering a trade. If it can hold above them, I’ll put the idea of shorting aside for now.
My levels to watch:
If a 15-minute candle closes below 35.08 and the rebound fails to reclaim that level, I’ll consider a short.
Assuming an entry near 35.08, the stop-loss is 35.4979, with an initial target of 34.2443.