IIPR - the bottom may not be in

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.