Today’s chart update will be on IIPR which has a potential playing out – an Adam and Ever reversal formation that will be confirmed by a break of structural resistance.
Points to consider,
- coming to fruition
- Structural resistance to break
- EMA’s supporting price
- Stochastics in upper region
- trending up
- Bull required
IIPR’s Adam and Eve will be confirmed by a break and a close above current structural resistance, price is now consolidating near this resistance in a potential , a hold of this level will mean a confirmed S/R flip.
EMA’s currently supporting price, needs to hold true when key levels are broken for a continued bias.
Stochastics is trading in the upper regions, can stay here for an extended period of time, however lots of stored momentum to the downside. as of now is respecting its uptrend, a break of its line will cool it off to neutral levels.
Bull needs to come true in this current otherwise this whole set up will be negated, we have notable bear as of now.
Overall, in my opinion, that chart will be confirmed once structural resistance is broken with confirmed bull . IIPR does have formations but are not confirmed as of yet.
What are your thoughts?
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Monitor closely as this stock may come down into the 68-72 range at this point.