Iron Mountain Inc. (NYSE: IRM) stock price is trading close to the breakout region near the 20-day EMA, suggesting that buyers are interested. Moreover, the IRM price action shows that bulls are gaining traction and are looking to surpass the immediate hurdle of $70. However, sellers have a strong grip, which is confirmed by the inverted hammer candlestick. This pattern shows that buyers tried to close the candle above $70, but due to strong selling pressure, buyers faced rejection and closed below it. Nevertheless, the IRM stock chart structure implies bullishness and follow-on buying was noted in the past sessions.
IRM share price is trading above the cluster of $50 and beyond the significant moving averages, showing the bulls’ dominance. Moreover, the rising channel pattern was witnessed. Long buildup activity was noted, suggesting a short-term rise to $80 can be anticipated soon.
At press time, IRM stock price is trading at $61.89 with an intraday gain of 0.29%, showing neutral moves in the last trading session. Moreover, the trading volume increased by 0.67% to 1.398 Million, and the market cap is $18.063 Billion. Furthermore, analysts maintained a neutral rating with a yearly target price of $68.86, suggesting a solid growth outlook for the following sessions.
Iron Mountain, Inc. engages in the provision of storage and information management solutions. It operates through the following business segments: North American Records and Information Management Business, North American Data Management Business, Western European Business, Other International Business, Global Data Center Business, and Corporate and Other Business. The North American Records & Information Management Business segment offers record management, destruction, and fulfillment services throughout the U.S. and Canada.
IRM Stock Rising Momentum on Daily Charts
On the daily charts, IRM stock price is inside the rising parallel channel, forming higher highs over the past sessions. Furthermore, the price trades is in bull trajectory, above the key moving averages, signifying the bulls’ strength on the charts.
The RSI curve has stayed near neutrality, showing a bullish divergence. A bounce beyond $70 can be anticipated in the upcoming sessions.
The MACD indicator showed a bearish crossover with red bars on the histogram, suggesting a positive outlook for the following sessions.
Summary
IRM stock (NYSE: IRM) price is in the bull territory and suggests that bulls are looking to escape the primary hurdle of $70 and are willing to reach the upside near $80. Moreover, the chart structure looks favorable for the bulls. Technicals suggest that the rally will continue, and IRM stock may reach $100 soon.
Technical Levels
Support Levels:$50 and $35
Resistance Levels: $70 and $80
