The Greedy Trader Weekly Analysis
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Weekly Pattern:Descending Triangle
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Chart Analysis and Chart Pattern Recognition – Descending Triangle Pattern

The descending triangle is a variation of a symmetrical triangle formation that has a flat support line and a falling resistance line. The lower highs indicate the decreasing demand and give the descending triangle definitive bearish bias. The descending triangle usually represents a distribution stage in bearish market. The descending triangle is considered as a continuation pattern, especially in a downtrend, but it may also mark a reversal in an uptrend. Volume usually increases on trend support resistance breakout. After breakout (similar to rectangle), support may turn into potential resistance and vice versa.
Descending Triangle Screening page presents a list of stocks forming Descending Triangle Pattern.
Tips:
# 1 As a continuation pattern, descending triangle usually appears within a young trend, characterized by neutral long-term indicators and oversold short-term indicators. Descending triangle resets short-term indicators to neutral and then continues the movement in parent's direction.
# 2 As a reversal formation, descending triangle appears in a mature uptrend, characterized by overbought long-term and short-term indicators. This situation usually generates bearish divergence on long-term indicators.
# 3 For the best results, chart patterns should be considered together with other technical analysis signals and technical trading techniques.
Estimated Target: the main trend support/resistance level. line.

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- 3/15/2024 -
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Iron Mountain Inc. (IRM) Technical Analysis

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Summary:
Weekly :Williams' Percentage Range and Lane's Stochastic are overboughtRelative Strength Index and Lane's Stochastic bearish divergenceBroken trend resistance line
Daily :Stochastic has declined below the signal lineDaily  MACD line has moved below its signal lineThe price has fallen below the Parabolic SARBullish Piercing Line CandlestickThe period of high volatility of the stock price
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It was the negative week for the Iron Mountain Inc. (IRM). During the week, the IRM dropped -2.76 points, or -3.39%, and closed at 78.61 on Friday, March 15, 2024. It was the worst weekly loss since January 5, 2024. Weekly volume was 8% above average.

Long-term trend: [See IRM long-term trend chart]
A long-term uptrend had started on April 2, 2020 at 21.00 and reached 82.19 on March 8, 2024. IRM gained -61.19 points, or -291.38%, in 205 weeks. The chart has formed a Broadening Ascending Wedge chart pattern. The trend support level is at 59.05 and resistance is at 90.96. A Broadening Ascending Wedge pattern is considered to be a reversal formation. It usually appears in a mature trend, characterized by overbought/oversold long-term and short-term indicators, and often generates divergence on long-term indicators. Use the following link to access a Broadening Ascending Wedge chart pattern help, or use a Technical Stock Screener to see the list of stocks with Broadening Ascending Wedge pattern in a long-term trend.

Medium-term trend: [See IRM medium-term trend chart]
A medium-term uptrend had started on September 29, 2022 at 43.33 and reached 82.19 on March 8, 2024. IRM gained -38.86 points, or -89.68%, in 75 weeks. The chart has formed a Rising Channel chart pattern. The uptrend resistance line (61.02) is broken. Usually a broken resistance is considered to be a long-term bullish signal, although a short-term pull back is possible. Use the following links to access Trend Support/Resistance Help, or use the Technical Stock Screener to see the list of stocks with broken trend resistance line in a medium-term trend.

Weekly Technical Indicators: [See IRM weekly technical indicators chart]
Weekly Williams' Percentage Range and Lane's Stochastic are overbought. Use the Technical Stock Screener to see the list of stocks with overbought weekly Williams' Percentage Range and Lane's Stochastic. Weekly Relative Strength Index and Lane's Stochastic have bearish divergence. Use the following links to access the Relative Strength Index and Lane's Stochastic help, or use the Technical Stock Screener to see the list of stocks with weekly Relative Strength Index and Lane's Stochastic bearish divergence. The divergence between price and indicator is considering one of the most important buy/sell stocks trading signal. Oscillators are designed to signal a possible trend reversal. They can act as alerts and should be taken in conjunction with other technical analysis tools. Oscillators can be used to confirm other technical signals. Use the following links to access Lane's Stochastic, Relative Strength Index and Williams' Percentage Range help.

The weekly MACD line is above its signal line since November 24, 2023. This is an indication that the medium-term trend is up. The distance between MACD and the signal line is near its high and getting bigger. It indicates that the current medium-term uptrend is strong. Use the following link to access a MACD help.

Short-term trend: [See IRM short-term trend chart]
A short-term downtrend had started on March 8, 2024 at 82.19 and reached 77.07 on March 14, 2024. IRM lost 5.12 points, or 6.23%, in 6 days. The price is now at the 30.08% retracement level.

Daily Technical Indicators: [See IRM daily technical indicators chart]
Daily technical indicators are neutral. During the last week, daily Lane's Stochastic main line (%K) has declined below the overbought signal line (%D). Such crossover is considered a bearish signal.

During the last week, daily MACD line has moved below its signal line. Such crossover is considered a bearish signal.

During the last week, the price has fallen below the Parabolic SAR (stop and reversal). A Parabolic SAR above the price is a bearish signal, and it indicates that momentum is likely to remain in the downward direction. A Parabolic SAR is used as a trailing stop loss for long or short positions. It works best during strong trending periods. Use the following links to access Parabolic SAR Help, or use the Technical Stock Screener to see the list of stocks with the Parabolic SAR close to the price level.

The distance between the Bollinger Bands is 138.80% higher then one year average. It indicates the period of high volatility of the stock price. The Bollinger Bands are often used with a non-oscillator indicator like chart patterns or a trendline. The signals are considered more reliable if these indicators confirm the recommendation of the Bollinger Bands. Use the following links to access the Bollinger Bands Help, or use the Technical Stock Screener to see the list of stocks with the price above the Upper Bollinger Band or below the Lower Bollinger Band.

Candlestick pattern: [See IRM candlestick chart pattern]
On Friday the chart has formed a Bullish Piercing Line Candlestick pattern. This pattern suggests bulls have begun to take charge of the market, and shorts have been shaken by the sudden lost of bearish momentum. The reliability of the Bullish Piercing Line pattern is moderate. Use the Technical Stock Screener to see the list of stocks that had a Bullish Piercing Line Candlestick pattern during the last week.

Daily Oscillators
Description Value Status Divergence Chart
Relative Strength Index (RSI) 59.05
Williams' Percentage Range (W%R) 30.70
Lane's Stochastic (%D-Slow) 52.11
Greed/Fear Indicator (GFI) 60.15
Moving Average Converg./Diverg. (MACD) 2.91
Weekly Oscillators
Description Value Status Divergence Chart
Relative Strength Index (RSI) 73.38
Bearish
Williams' Percentage Range (W%R) 18.70
Overbought
Lane's Stochastic (%D-Slow) 80.83
Overbought Bearish
Greed/Fear Indicator (GFI) 73.70
Moving Average Converg./Diverg. (MACD) 3.08
Trading Signals
Description Value Chart
Yearly Trendline Resistance 90.96
Upper Bollinger Band 85.58
Parabolic System 82.17
Weekly Stochastic Crossing 79.87
Monthly Trendline Resistance 79.49
Daily Stochastic Crossing 79.34
Price 78.61
20 Day Moving Average 76.76
Monthly Trendline Support 73.02
50 Day Moving Average 71.27
Quarterly Trendline Resistance 70.79
Lower Bollinger Band 68.10
Sector and Industry
Description Name Rank
Sector Real Estate 3
Industry Specialized REITs 33
Daily Trend
Description Value
Direction Down
Chart Pattern DownTrend
High 82.19
High Date 03/08/2024
Low 77.07
Low Date 03/14/2024
Weekly Trend
Monthly Trend
Description Value
Direction Up
Chart Pattern Uptrend
Status
Resistance
Support
Low 64.68
Low Date 01/17/2024
High 82.19
High Date 03/08/2024
Description Value
Direction Up
Chart Pattern Rising Channel
Status Valid
Resistance 79.49
Support 73.02
Low 56.54
Low Date 10/06/2023
High 82.19
High Date 03/08/2024
Quarterly Trend
Yearly Trend
Description Value
Direction Up
Chart Pattern Rising Channel
Status Broken Resistance
Resistance 70.79
Support 61.02
Low 43.33
Low Date 09/29/2022
High 82.19
High Date 03/08/2024
Description Value
Direction Up
Chart Pattern Broadening Ascending Wedge
Status Valid
Resistance 90.96
Support 59.05
Low 21.00
Low Date 04/02/2020
High 82.19
High Date 03/08/2024
Warning: TheGreedyTrader.com presents weekly analysis. Technical indicators and trend parameters are calculated for the close of business day indicated on the top right corner of the screen.