Company: Iron Mountain Incorporated (Delaware) Ticker: IRM Exchange: NYSE Sector: Real Estate
Introduction:
Hello, and welcome to today's technical analysis. We are diving into the weekly chart of Iron Mountain Incorporated (IRM), a Real Estate company traded on the NYSE.
Analysis:
Taking a look at Iron Mountain's price movement, we can observe a series of interesting patterns. The price was initially propelled into an upward trend by an Ascending Triangle pattern and since the breakout from the ascending triangle took place, price is comfortably sitting above the 200 EMA. So it acted as a reversal pattern. This bullish trend was then enhanced by an accelerating trendline.
Following this phase of acceleration, the price entered a kind of sideways trend characterized by a Broadening Triangle pattern. This period of consolidation has since morphed into a new pattern.
For the past 399 days, an Ascending Triangle pattern has been forming. The upper horizontal boundary of this pattern has been touched five times, while the upwards sloping trendline acting as support has seen two touch points.
It's worth noting that the breakout from this pattern may take some time due to the nature of the data interval that we selected, but due to its potential significance, Iron Mountain Incorporated should be closely monitored as a key watchlist candidate, in whichever way it will break out.
Conclusion:
In conclusion, Iron Mountain Incorporated presents a compelling case for a trade candidate, with a second Ascending Triangle forming after a period of sideways consolidation. The significance of a future breakout should not be underestimated.
As always, this analysis does not constitute financial advice. Please conduct your own research and consider your risk tolerance when making investment decisions.
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