IIPR Pivot Points |Oversold Bounce| Structural Support
Evening Traders,
Today’s analysis will be on IIPR, breaching structural support and currently is testing pitchforks median line (resistance)
Points to consider,
- Bearish trend, consecutive lower highs
- Median line tested
- Structural support breached
- RSI recovering from oversold
- Stochastics in lower regions
- Volume climax evident
IIPR’s overall trend is bearish, putting in consecutive lower highs on the macro timeframe. Current resistance is being tested (Median line), it is important to break this level in order to test previous support.
The Structural support breached is a major level to close above; a retest and failure will confirm a bearish retest.
RSI is recovering from oversold conditions, this has lead price to an oversold bounce. Stochastics on the other hand is trading in the lower regions, can stay trading here for an extended period of time, however lots of stored momentum to the upside.
Volume climax is evident, which puts emphasis on a temporary bottom, this will get taken out if a bearish retest is confirmed.
Overall, in my opinion, IIPR must break and close above structural resistance, failure will be very bearish.
What are your thoughts?
Please leave a like and comment,
And remember,
“You have power over how you'll respond to uncertainty.”
― Yvan Byeajee
Today’s analysis will be on IIPR, breaching structural support and currently is testing pitchforks median line (resistance)
Points to consider,
- Bearish trend, consecutive lower highs
- Median line tested
- Structural support breached
- RSI recovering from oversold
- Stochastics in lower regions
- Volume climax evident
IIPR’s overall trend is bearish, putting in consecutive lower highs on the macro timeframe. Current resistance is being tested (Median line), it is important to break this level in order to test previous support.
The Structural support breached is a major level to close above; a retest and failure will confirm a bearish retest.
RSI is recovering from oversold conditions, this has lead price to an oversold bounce. Stochastics on the other hand is trading in the lower regions, can stay trading here for an extended period of time, however lots of stored momentum to the upside.
Volume climax is evident, which puts emphasis on a temporary bottom, this will get taken out if a bearish retest is confirmed.
Overall, in my opinion, IIPR must break and close above structural resistance, failure will be very bearish.
What are your thoughts?
Please leave a like and comment,
And remember,
“You have power over how you'll respond to uncertainty.”
― Yvan Byeajee
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