Juliac

IRM - Cup & Handle (Bullish)

Long
NYSE:IRM   Iron Mountain Incorporated (Delaware)
IRM has just broken up from a Cup & Handle Formation guys! This is a continuation pattern if the trend prior to this pattern was "up". The cup's formation should preferably be at least 1 to 6 months in duration. The "cup" was a mere 23.8% fib retracement of the prior uptrend while the handle was a shallow 38.2 fibonacci retracement from the cup's "rim" both of which are ideal ( ie "shallow" retracements).

It would have been perfect if we see a high volume break up as well (not seeing that though). However it is still worth a shot to trade this pattern as it has good risk/reward ratio.

The initial profit target is around $52 (projecting the same distance for the cup's depth of $5 from the rim. Initial stop loss should be placed several ticks below the cup's rim (say 45.90). Trail stops upwards as trade goes our way.

Disclaimer: TA is about improving our odds of a successful trade (not a guarantee). This is just my own analysis and opinion for discussion and is not a trade advice. Kindly do your own due diligence and trade according to your own risk tolerance and don't forget that money management is important! Thank you. Do give me a thumbs up if you agree. Feel free to let me know what you think! :)

Comment: At the timing of earlier writing the volume was still nondescript. However it later became a high volume day as traders starting to notice this breakup and started piling in! WIth this high volume breakup, the odds have increased for an initial C&H target of $52.
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