DerekTradeEZ

IIPR Potential Weekly Inverse Head and Shoulders

NYSE:IIPR   Innovative Industrial Properties, Inc
Ticker: $IIPR

Can IIPR gain any traction and break weekly resistance of $87.20 these upcoming weeks to confirm the inverse head and shoulders?

Remember, Inverse head and shoulders is a pattern that signifies a trend change from bear to bulls. If bulls can break this weekly inside bar bullish , than the possibility is there.

I need to see an increase in bull volume this week with a bull break of $75. 40 to be interested in this name. If we get that, I will be very interested in a position.

Let see if this bull market can provide any fuel for the bulls to run.
Comment: Bears continue to push the price down this week.

Bulls must hold daily support of 69.61 in order to have a chance at a inverse head and shoulders on the weekly.

So far, it is not convincing and we will take it one day at a time. Break 69.61 and I will not be interested in IIPR. I will then watch for a potential double bottom of 66.61. If it does not hold, I will look for a quick scalp trade when 66.61 breaks bearish.
Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.