Two Stocks Near 9-Month Consolidation
Information management company Iron Mountain (IRM) and pharmaceutical giant Novartis (NVS) are nearing resolution of nine-month consolidation patterns on their weekly charts.
IRM has been trading in a declining triangle pattern since July of last year. Triangle patterns are differentiated from wedge patterns by a flat support or resistance line. Wedge patterns have a slope to both the support and resistance lines that define them, similar to a symmetrical triangle pattern. Both patterns are consolidation patterns and expected to break in the direction of the previous trend. In the case of IRM, the previous trend was up, but the pattern is bearish. No pattern or indicator is perfect....240 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.
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