MLM closes below its opening price unable to hold early session gains


Martin Marietta Materials (MLM) Technical Analysis Report for Jun 14, 2018 [1 min read]
Highlights
MLM finds buyers around 228.89 for the third day in a row
MLM closes below its opening price unable to hold early session gains
MLM stuck within tight trading range
MLM closes within previous day's range
MLM ends the day indecisive
TQ Sentiment
Technical Forecast:
Overview

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 chart for MLM
Volatility

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.

Support/Resistance

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.

Trend

The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.

Order Flow

Buying might speed up should prices move above the close-by swing high at 232.89 where further buy stops could get triggered.

Conclusion

While classical technical analysis indicates a neutral sentiment for the next trading day, our quantitative statistics show a different picture being very bullish.

Market Conditions for Martin Marietta Materials
ConditionForecastDirectionWinAvgWorstBest
Decisive Up Move TQ Pro Members Only
White Candle TQ Pro Members Only
Close to S1 Support TQ Pro Members Only
Low close to previous two Lows TQ Pro Members Only
Low close to previous low TQ Pro Members Only
More market conditions identified for TQ Pro members...
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