$IIPR could make a run for $300

The stock has been making a flag pattern after the market topped. If we take the runaway gap made at the beginning of July as the initial move before the flag, then is a 57 point move. According to the flag pattern measure rules, if a breakout above occurs, then the price of IIPR should get to $300. Last week rebounded from its support at $222 with a nice hammer candlestick. But, until the breakout happens I won't make any trades. Always wait for confirmation.

The company is ranked #1 in the Finance-Property REIT Group by IBD Investors and has a IBD relative strength rating of 89. This indicates that is a leading stock.

For me it isn't a leading stock as is making lows with the SPX, but if it holds the pattern is worth to keep an eye on.