IRM closes below its opening price unable to hold early session gains
Iron Mountain Incorporated Common Stock REIT (IRM) Technical Analysis Report for Jul 13, 2018 | by Techniquant Editorial Team
IRM finished the week 2.09% higher at 36.64 after losing $0.10 (-0.27%) today. Trading $0.15 higher after the open, the share was unable to hold its gains as the bears took control ending the day below its opening price. Closing within the prior day's range, prices failed to decisively move beyond the previous day's trading range in a lackluster session.
Daily Candlestick Chart (IRM as at Jul 13, 2018):
Friday's trading range was $0.39 (1.06%), that's below last trading month's daily average range of $0.60. Things look different on a weekly scale, where volatility is below the markets average with the monthly volatility being way above average.
Notwithstanding a strong opening Iron Mountain closed below the prior day's open and close, forming a bearish Engulfing Candle.
After having been unable to move lower than 36.48 in the previous session, the market found buyers again around the same price level today at 36.56.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Selling might speed up should prices move below the nearby swing low at 36.09 where further sell stops could get triggered.