Here is a look at IIPR on the weekly chart. It's possible that we're at the deepest value that we'll see, but it's possible that we'll see opportunities between $70-75 in a downtrend that could extend from July to September. It's interesting to see how consistently it's experienced turning points on the fib time zone. I rarely plot fib time zones because they become less accurate over time, but this one has been like clockwork.
We see a strong bottoming signal in the MACD and sentiment last August, followed by breaking out of the steep downtrend and continuation to the top of the long term channel. Now it's hit resistance at the top of the channel near the $124 volume zone and resumed a decent along the steep downtrend from Nov '21. Until it exits the remaining down trend lines the lower channel is in play. We also have a strong trend toward $70-75 range in a ranging pattern that could extend through August before resuming upward continuation.
Thank you for the chart. On the right side of chart is yellow and blue, is this volume? What is that feature called and what's the benefit of it?
Ben_1148x2
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@johnlarson13, That's the "visible range volume profile." It shows the volume of buys (blue) and sells (yellow) by price. It's a good indication of support and resistance. Note how dense the volume is at ~$92. That level previously served as support, but will be resistance now that we're beneath it since regaining that level will be an opportunity for many to break even.
johnlarson13
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@Ben_1148x2, I greatly appreciate your time to explain. Thank you. For what it's worth, it's already had a big run up and I was fortunate to get in sub $1, but it's got potential yet for another 5x in 2 years. ARDX is the ticker. Earnings call this wednesday, last one it popped 40%.