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

By Nick Russo

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 $30.96 and $31.14 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.

Over the past year, Iron Mountain has traded in a range of $29.28 to $37.32 and closed yesterday at $31.01, 6% above that low. Over the past week, the 200-day moving average (MA) has gone down 0.2% while the 50-day MA has declined 0.6%.

Iron Mountain (NYSE:IRM) has potential upside of 23.1% based on a current price of $31.01 and analysts' consensus price target of $38.17. The stock should run into initial resistance at its 200-day moving average (MA) of $32.37 and subsequent resistance at its 50-day MA of $32.63.

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

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