Bears Appeared - Iron Mountain

Published on Tuesday, 31 January 2012 21:15 Written by Christian Paolinetti

New York, January 31st (TradersHuddle.com) - Shares of Iron Mountain Incorporated (NYSE:IRM) ended the trading session lower by $0.05 or -0.15% from its previous close. Iron Mountain's price action formed what is considered to be a bearish engulfing candlestick chart pattern.

Iron Mountain Incorporated (NYSE:IRM) provides records and information management services to customers worldwide. The Company offers records management services for both physical and digital media, disaster recovery support services, and consulting.

Iron Mountain's current stock range is defined by calculated support defined at $28.34 and by the resistance level at $31.32, which should be used by traders planning their trades.

Traders wanting to establish a position in Iron Mountain stock need to pay close attention at the bearish engulfing pattern, since it could mark a trend reversal to current Iron Mountain shares price action. The Bearish engulfing pattern is a leading warning sign, therefore traders should closely monitor price action for indications of a trend reversal. Below an Engulfing Bearish Candle Illustration: