AzizKhanZamani

IIPR Adam & Eve Pattern| Bull Flag| Bull Volume Needed!

Long
NYSE:IIPR   Innovative Industrial Properties, Inc
Hello Traders!

Today’s chart update will be on IIPR which has a potential bullish pattern playing out – an Adam and Ever reversal formation that will be confirmed by a break of structural resistance.

Points to consider,
- Bullish pattern coming to fruition
- Structural resistance to break
- EMA’s supporting price
- Stochastics in upper region
- RSI trending up
- Bull volume 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 bull flag , 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 bullish 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. RSI as of now is respecting its uptrend, a break of its line will cool it off to neutral levels.

Bull volume needs to come true in this current bull flag otherwise this whole set up will be negated, we have notable bear volume as of now.

Overall, in my opinion, that chart will be confirmed bullish once structural resistance is broken with confirmed bull volume . IIPR does have bullish formations but are not confirmed as of yet.

What are your thoughts?

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