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.
Disclaimer: SIACharts Inc. specifically represents that it does not give investment advice or advocate the purchase or sale of any security or investment whatsoever. This information has been prepared without regard to any particular investors investment objectives, financial situation, and needs. None of the information contained in this document constitutes an offer to sell or the solicitation of an offer to buy any security or other investment or an offer to provide investment services of any kind. As such, advisors and their clients should not act on any recommendation (express or implied) or information in this report without obtaining specific advice in relation to their accounts and should not rely on information herein as the primary basis for their investment decisions. Information contained herein is based on data obtained from recognized statistical services, issuer reports or communications, or other sources, believed to be reliable. SIACharts Inc. nor its third party content providers make any representations or warranties or take any responsibility as to the accuracy or completeness of any recommendation or information contained herein and shall not be liable for any errors, inaccuracies or delays in content, or for any actions taken in reliance thereon. Any statements nonfactual in nature constitute only current opinions, which are subject to change without notice.