IRM closes higher for the 3rd day in a row
Iron Mountain Incorporated Common Stock REIT (IRM) Technical Analysis Report for Jun 30, 2020 | by Techniquant Editorial Team
Moving higher for the 3rd day in a row, IRM finished the month 1.32% higher at 26.10 after gaining $0.40 (1.56%) today, slightly outperforming the S&P 500 (1.54%).
Daily Candlestick Chart (IRM as at Jun 30, 2020):
Tuesday's trading range has been $0.75 (2.91%), that's below the last trading month's daily average range of $0.96. Weekly volatility is also lower, being below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for IRM.
Prices are trading close to the key technical support level at 25.42 (S1).
Iron Mountain shows weakness in the short-term (in accordance with its long-term downtrend) with only the medium-term trend still being bullish.
Buying could accelerate should prices move above the close-by swing high at 26.37 where further buy stops might get activated.
Among the three market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "3 Consecutive Higher Closes" stand out. Its common bullish interpretation has been confirmed for Iron Mountain. Out of 168 times, IRM closed higher 56.55% 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 52.98% with an average market move of 0.30%.