IRM breaks below previous session low
Iron Mountain Incorporated Common Stock REIT (IRM) Technical Analysis Report for Aug 10, 2018 | by Techniquant Editorial Team
Moving lower for the 4th day in a row, IRM finished the week -3.24% lower at 34.60 after tanking $0.86 (-2.43%) today. This is the biggest single day loss in over two weeks. Today's closing price of 34.60 marks the lowest close since July 27th. The bears were in full control today, moving the market lower throughout the whole session. Closing below Thursday's low at 35.40, the stock confirms its breakout through the prior session's low having traded $0.96 below it intraday.
Daily Candlestick Chart (IRM as at Aug 10, 2018):
Friday's trading range was $0.75 (2.13%), that's slightly below last trading month's daily average range of $0.77. Things look different on a weekly scale, where volatility is slightly below the markets average with the monthly volatility being slightly above average.
Prices are trading close to a key support level at 34.42. Breaking below the key support level at 35.14 today, it is now likely to act as resistance going forward.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term. The share broke below the 200-day moving average at 35.38 today for the first time since July 17th.
Selling could accelerate should prices move below the close-by swing low at 34.42 where further sell stops might get activated.