It seems that IIPR has recently completed or just near to complete wave 4 of a 5 segment up going wave. If true , It is going to make a new ATH.
Strong support is remarked on the chart with comprehensive information. Also, Next strong Resistance zone with detailed information is shown on the chart. We probably will have a strong decline after making a new ATH.
Stochastic indicator is in oversold zone in daily time frame and is making a bullish divergence.
This is a text book example of an ideal set up to go long and we certainly will try our chance to make profit but we keep in mind that we always have to trade objectively.
Good Luck Everyone.
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Stock took out the labeled wave b. It is on the way to proposed targets.
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First target reached ! we have made nice profit so far. It more than likely will reach to our second target.
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Second target reached. Congrats my friends.
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Price passed our second target strongly and we still have our shares. We never sell our shares on resistances without a strong reason.
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IIPR is near the top of channel. It may break it as wave patterns suggest. If so; What we previously considered as wave 3 may be just wave 1 of a larger degree cycle and price may go much much higher. For now we watch reaction to top of channel carefully.
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Like many other stocks in the market rejected from top of the channel as completing its wave pattern. I think it may go a little bit higher but it is time to think about reversing our position.
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IIPR is reaching to top of the channel again. As we predicted it went higher and now we have a new ATH. We can move up our stop loss to one tick below the last low which is 270.56 and watch carefully the reaction to top of the channel. break out? maybe . lets follow.