$IRM uptrend broken, now below 200-SMA

Ticker: $IRM
Highlight: The uptrend as shown by the higher highs and higher lows in the above chart was broken right around the 200-day simple moving average


Summary: Iron Mountain ($IRM) is a great dividend paying company at around 6% annual yield but the price action has been dismal.  In the last few trading days, bears showed no mercy as they pulled the priced below the major support (200-SMA).  For a long term investment, the dividend yield is juicy but the lag in appreciation is not enough to convince a long term investor who is looking for a balance between dividend and appreciation.  With the recent loss of its major support, $IRM is now in an environment that may favor bears.

Trading plan: I have been swing trading $IRM by opening position when it is at a very low level and selling as soon as signs of bearish breakout starts to appear.  I got stopped right below 200-simple moving average and I plan to wait until I see any sign of reversal. At the moment, the chart is telling me to be patient and wait for the right time.  It may drop some more.


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