Iron Mountain Continues To Tease

Iron Mountain (IRM) is a stock I have highlighted before and which remains on my watchlist as it continues to tempt and tease around the $31 per share price level on the weekly chart as this is the level where we have two strong regions of resistance, the first at $30.20 per share and the second at $31 per share. Both are denoted with the blue dashed lines of the accumulation and distribution indicators and these are sandwiched between is a further layer of resistance denoted with the red dashed line. The two blue regions are stronger, but as a cluster, their power is increased and this is one of the reasons this stock is being held down with repeated failures at this level.

However, once breached this area will become an extremely strong platform of support and hence the reason for having this stock on the watchlist as once the price moves beyond this level it is likely to deliver a move to the $35 per share region before finding further resistance in any move higher. And as always, any break above this region needs to be accompanied by strong volume to confirm the move is genuine and not simply a fakeout.

(Click on image to enlarge)

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