Medium term
Trade view / 29 September 2015 at 15:10 GMT

Iron Mountain set to mirror weak overall market

CEO / Att Trading
Austria
Instrument: IRM:xnys
Price target:
Market price:
Background

Information management comany Iron Mountain has enjoyed quite a stock price rise since January 2011, from about $18,00 to $41.00. The stock made a major uptrend, which is currently in a correction. For the medium-term traders a local downtrend on the daily chart has formed in this correction, which could correct to the area of $30.50.

IRM Weekly Chart
irm
 Source: ATT Trading


Management and risk description

On the daily chart (Figure 2) we can clearly see that a strong downtrend has formed, which is shown in Figure 2 in blue. The intensity can be identified on the basis of rapid movements in short direction and higher volume.

To get a good entry into this short trade we should wait for a subordinate downtrend on the hour chart. With increasing selling pressure this trade has targets around $26.50 and $24.00.

Above the price level of $31.00, the short idea would be over. Before entering a trade it is always advised to wait for clear signals and to look for any upcoming news e.g. earnings.

IRM Daily Chart
irm2

Source: ATT Trading

Parameters

Entry: $30,50.

Stop: $ 31,00.

Target: $26,50, $ 24,00.

Time horizon: medium term.

— Edited by Martin O'Rourke

Non-independent investment research disclaimer applies. Read more

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