Stocks were broadly lower on Monday, but a few bucked the trend with gains. Simply scanning for stocks that gained on a day like today will reveal those showing some relative strength. The chart below shows Iron Mountain (IRM) hitting support from the October trendline and broken resistance zone. The stock edged higher on above averge volume on Monday. Follow through is needed for a breakout.
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About the author:
Arthur Hill, CMT, is the Chief Technical Strategist at TrendInvestorPro.com. Focusing predominantly on US equities and ETFs, his systematic approach of identifying trend, finding signals within the trend, and setting key price levels has made him an esteemed market technician. Arthur has written articles for numerous financial publications including Barrons and Stocks & Commodities Magazine. In addition to his Chartered Market Technician (CMT) designation, he holds an MBA from the Cass Business School at City University in London.
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