IRM closes within previous day's range after lackluster session
Iron Mountain Incorporated Common Stock REIT (IRM) Technical Analysis Report for Mar 15, 2019 | by Techniquant Editorial Team
IRM finished the week 0.43% higher at 34.93 after gaining $0.16 (0.46%) today, slightly underperforming the S&P 500 (0.5%). Trading up to $0.12 lower after the open, the share managed to reverse during the session as bulls took control ending the day above its opening price. Closing within the previous day's range, prices missed to decisively move beyond the prior day's trading range in a lackluster session.
Daily Candlestick Chart (IRM as at Mar 15, 2019):
Friday's trading range has been $0.28 (0.8%), that's far below the last trading month's daily average range of $0.56. Weekly volatility is also lower, being below the market's average weekly trading range. The longer-term, monthly volatility is currently lower than usual for IRM.
During the whole day, prices traded within the previous day's range, unable to trade above the prior day's high or below the previous day's low forming an Inside Bar.
Prices are trading close to the key technical support level at 34.62 (S1). After having been unable to move lower than 34.61 in the prior session, the stock found buyers again around the same price level today at 34.67. The last time this happened on March 5th, IRM actually lost -0.79% on the following trading day.
While the market is currently in a short-term downtrend, this might just be a correction, as both the medium and long-term trends are still bullish.
Buying could speed up should prices move above the nearby swing high at 35.46 where further buy stops might get activated. Selling could accelerate should prices move below the close-by swing low at 34.61 where further sell stops might get triggered.
Among the seven market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "Bullish Intraday Reversal" stand out. Its common bullish interpretation has been confirmed for Iron Mountain. Out of 428 times, IRM closed higher 54.91% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the long side has been after 10 trading days, showing a win rate of 52.80% with an average market move of 0.70%.