AzizKhanZamani

IIPR Macro Higher Low ? 100 EMA to break!

NYSE:IIPR   Innovative Industrial Properties, Inc
Hello Traders!

Today’s chart update will be on IIPR Innovative Industrial Properties INC where bulls are attempting to put in a new higher low, a trend change may be coming to fruition.

Points to consider,
- Potential new higher low
- Structural resistance needs to break
- Support in green zone
- RSI respecting support
- Stochastics projected upwards
- Strong VPVR cluster to break
- Volume below average
- 100 EMA to breach

IIPR’s overall trend has been bearish with consecutive lower lows; a trend change will come to fruition when a new higher low and higher high is established. Structural resistance is key to break, IIPR was rejected twice with the help from the EMA’s, this resistance is very key to brach otherwise the potential new higher low will be negated.

Support was formed in the green zone, a clear double bottom at current given time; this is a strong macro reversal pattern. The RSI is also respecting its support line, we need a third clear touch for confirmation.

Stochastics is projected upwards, can stay in the lower regions for an extended period of time, however there is lots of stored momentum to the upside. The VPVR cluster with strong volume of transaction is further resistance to break, volume of transactions decreases drastically after this cluster, signalling low resistance poised for the bulls.

The Volume is currently just above average; IIPR needs an increase in volume with follow through when resistances are tested.

Overall, in my opinion, a trend change will come to fruition when structural resistance is broken and the 100 EMA is breached. IIPR tends to respect the 100 EMA in a bull trend so it will be key to watch when the new trend starts to put in consecutive higher lows and higher highs.

What are your thoughts?

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