IIPR: Strong Buy for 2020; May Have 'Broken Out' This Time
IIPR is one of my top 2020 picks as their dividend growth has been impeccable and their stock has really only plummeted from its highs because the cannabis sector essentially went through a major correction. I believe certain (not all) cannabis stocks will make a strong rebound in 2020, but the sector itself may be 2 or so years before attracting major buyers back again. Somewhere in the near-term would be a good time to buy IIPR as I see it being one of the most explosive REITs in the entire stock market for capital appreciation and dividend growth over the mid and long-term especially as speculative money re-enters cannabis in the next 2 or 3 years (again). The sector is expected to grow exponentially by 2022-2023.
This stock may have surpassed its R1 yearly pivot and should be safe for a small entry. However, for a larger entry (unless you have a high appetite for risk) waiting for a reaction tomorrow could be essential in determining if this is the "real" break-out or not.
Having said that, I expect the stock to break-out of its long anticipated descending triangular wedge from its ATH in the early days or weeks of 2020, if it hasn't today, already.
Technicals
- Bounced off lower base on descending triangular wedge (i.e. did not break to the downside)
- End of negative sinusoidal squeeze is fading (turning to bullish)
- RSI creating a floor (bullish indicator)
- Momentum is growing (bullish indicator)
- zSplit
This stock may have surpassed its R1 yearly pivot and should be safe for a small entry. However, for a larger entry (unless you have a high appetite for risk) waiting for a reaction tomorrow could be essential in determining if this is the "real" break-out or not.
Having said that, I expect the stock to break-out of its long anticipated descending triangular wedge from its ATH in the early days or weeks of 2020, if it hasn't today, already.
Technicals
- Bounced off lower base on descending triangular wedge (i.e. did not break to the downside)
- End of negative sinusoidal squeeze is fading (turning to bullish)
- RSI creating a floor (bullish indicator)
- Momentum is growing (bullish indicator)
- zSplit
Comment:
IIPR has increased for 2 days in a row. This is important as I believe now IIPR has broken the down-trend and will inch its way slowly to record highs over the next year.
How fast it surges will depend on their continued earnings reports and when Wall St. starts to love the stock again.
Regardless, it is one of my top 2020 stocks and alongside Canadian Energy and Precious Metals, you can't go wrong!
Get in the stock before $80 before its too late.
How fast it surges will depend on their continued earnings reports and when Wall St. starts to love the stock again.
Regardless, it is one of my top 2020 stocks and alongside Canadian Energy and Precious Metals, you can't go wrong!
Get in the stock before $80 before its too late.
The pay-out date is January 15th or so.