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Iron Mountain Inc. - (IRM) - December 17, 2021 

Records management and document shredding service provider Iron Mountain (IRM) had been drifting downward within the Green Favored Zone of the SIA S&P 500 Index Report but has now turned back upward. Since entering the Green Zone back in May, the shares are up 25.5%. Yesterday, IRM finished in 31st place, up 19 spots on the day and up 50 positions in the last month.

A major breakout is underway in Iron Mountain (IRM) shares. Yesterday the shares blasted through $50.00 to a new all-time high, confirming the recent completion of a bullish Ascending Triangle pattern. Combined these breakouts signal that the consolidation phase which started back in August is over and that a new rally phase has started.

Measured moves from the triangle suggest potential upside resistance may appear near $53.50 then $58.50. Initial support appears near the $48.50 breakout point.

Iron Mountain (IRM) shares have been under steady accumulation this year, advancing in a series of High Pole rallies followed by consolidation at higher levels. Through the most recent consolidation phase, the shares remained well supported and continued their upward trend of higher lows. A new High Pole upleg is now underway with the shares having completed a bullish Triple Top pattern and breaking out over $50.00.

Horizontal and vertical counts suggest next potential upside resistance on trend may appear near $56.95, then $64.15, and $68.05. Initial support appears near $46.70 based on a 3-box reversal.

With a perfect SMAX score of 10, IRM is exhibiting strength across the asset classes.

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