MLM closes below its opening price unable to hold early session gains
Martin Marietta Materials Inc. (MLM) Technical Analysis Report for Jun 14, 2018 | by Techniquant Editorial Team
MLM ended Thursday at 230.20 gaining $0.24 (0.1%). Trading $1.57 higher after the open, the market was unable to hold its gains as the bears took control ending the day below its opening price. Closing within the prior day's range, prices failed to decisively move past the previous day's trading range. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.
Daily Candlestick Chart (MLM as at Jun 14, 2018):
Thursday's trading range was $3.50 (1.52%), that's slightly below last trading month's daily average range of $4.21. Things look different on a weekly scale, where volatility is below the markets average with the monthly volatility being below average. Prices continued to consolidate within a tight trading range between 228.87 and 232.89 which it has been in now for the last three days.
Prices are trading close to a key support level at 228.81. Martin Marietta found buyers again today around 228.89 for the third trading day in a row after having found demand at 229.21 in the prior session and at 228.87 two days ago.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Buying might speed up should prices move above the close-by swing high at 232.89 where further buy stops could get triggered.