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Possible Bearish Inside Day Candle Pattern Detected for Iron Mountain (NYSE:IRM)

By James Quinn

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Iron Mountain (NYSE:IRM) based on the price action in the company's shares. Yesterday's price range of $33.83 and $34.34 is within the prior day's high and low of the day. This trading action often signifies indecision by bulls and bears to drive prices higher or lower and often implies a possible change in trend. Owners of Iron Mountain may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Iron Mountain Incorporated is a storage and information management company. The Company provides records management, data management solutions, and information destruction services.

Iron Mountain (NYSE:IRM) has potential upside of 12.1% based on a current price of $34.05 and analysts' consensus price target of $38.17. The stock should discover initial support at its 200-day moving average (MA) of $33.89 and subsequent support at its 50-day MA of $32.75.

In the past 52 weeks, Iron Mountain share prices have been bracketed by a low of $30.22 and a high of $41.07 and closed yesterday at $34.05, 13% above that low price. In the last five trading sessions, the 50-day moving average (MA) has fallen 0.2% while the 200-day MA has remained constant.

SmarTrend is tracking the current trend status for Iron Mountain and will alert subscribers who have IRM in their portfolio or watchlist when shares have changed trend direction.

Keywords: bearish am inside day candle Iron Mountain

Ticker(s): IRM