IIPR Strong Bull Breakout - Possible Buy Climax

Last week broke out strongly above a tight trading range. This week and last week are two very strong bull bars - but a possible buy climax. These two bars are the strongest pair of bars since the Dec rally began, increasing the probability of a buy climax and correction soon. Prices may continue higher for a week or two, but it is a risky time to buy. More likely there will be profit taking soon and the bulls will wait and look to buy after two legs sideways to down. The first and obvious location for the bulls to begin buying again is below this breakout, and the tight trading range, around 80.

If you found this helpful please like and share! Feel free to comment or ask questions