Iron Mountain (IRM) Continues To Deliver With More To Come

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IRM stock daily chart

Iron Mountain was a stock I first considered back in December 2020. At that time it was trading at $29.23 and in my post, I suggested it was heading towards $35 dollar per share and higher. The most recent analysis for this stock was in April when it was trading at $38.04 and here I suggested there was more to come. I’m delighted to say this has certainly been the case with the stock price closing last week at $42.50 per share. and once again I believe there is more to come. Why? Three reasons.

First, we have now cleared the price-based resistance at $40.60 per share and denoted with the blue dashed line of the accumulation and distribution in indicator for NinjaTrader. Whilst this level has only been tested three times, nevertheless, it was important given the failure in late April and which has since become support. As we can see on the daily chart this level was tested last week and held and can provide the requisite platform for a move higher. Second, is the volatility candle of the 6th April which is widespread and up, on excellent volume, and as always with such a signal we can expect either congestion or a reversal to follow. In this case, it was congestion but the break above the high of this candle is now significant and is signaling further upside momentum for the stock. Third, we are approaching a low volume node on the volume point of control histogram, and with the volume falling away as we arrive at the $43 per share price level, this should help the stock advance further. Finally, note how the trend monitor indicator has remained blue throughout confirming the current bullish trend for this stock remains strong.

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