Iron Mountain: The Stock That Keeps On Giving
Anna Coulling | Jun 10, 2021 07:56AM ET
Iron Mountain (NYSE:IRM) is a stock I have been following for a while, and indeed the first time I analyzed this stock was back in December 2020 when it was trading at $29.23 per share and looking to move on towards an initial target of $35 per share. This level was achieved in April and since then the share has continued to rise steadily. At the time of my last post on May 17 the stock was trading at $42.50 per share and approaching a low volume node on the daily chart. Since then the stock has continued to move higher and closed yesterday’s trading session at $47 per share, so in the space of a little over five months the share price has risen almost $18 per share. Not a bad return!
The most interesting price action over the past few weeks was the candle of May 27, a narrow spread down candle on high volume and clearly anomalous. If this were heavy selling we should expect to see a wide-spread down candle. We do not and hence can conclude the market makers are buying here for a further injection of momentum in the current campaign. Once more we are approaching a low volume node on the daily chart and as such we can expect to see further gains in due course.
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