Iron Mountain continues to tease

IRM weekly chartIron Mountain is a stock I have highlighted before and which remains on my watchlist as it continues to tempt and tease around the $31 per share price level on the weekly chart as this is the level where we have two strong regions of resistance, the first at $30.20 per share and the second at $31 per share. Both are denoted with the blue dashed lines of the accumulation and distribution indicators and these are sandwiched between is a further layer of resistance denoted with the red dashed line. The two blue regions are stronger, but as a cluster, their power is increased and this is one of the reasons this stock is being held down with repeated failures at this level.

However, once breached this area will become an extremely strong platform of support and hence the reason for having this stock on the watchlist as once the price moves beyond this level it is likely to deliver a move to the $35 per share region before finding further resistance in any move higher.  And as always, any break above this region needs to be accompanied by trong volume to confirm the move is genuine and not simply a fakeout.

By Anna Coulling

Charts from NinjaTrader and indicators from Quantum Trading

About Anna 2016 Articles
Hi – my name is Anna Coulling and I am a full time currency, commodities and equities trader. I have been involved in both trading and investing for over fifteen years and have traded many different financial instruments, from options and futures to stocks and commodities. I write and publish articles ( mostly for free ) for UK and international publications on a wide variety of financial issues, and in particular I enjoy helping others learn how to invest and trade.

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