MLM ends the day on a bearish note closing near the low of the day


Martin Marietta Materials (MLM) Technical Analysis Report for Aug 10, 2018 [< 1 min read]
Highlights
MLM closes lower for the 3rd day in a row
MLM ends the day on a bearish note closing near the low of the day
MLM breaks below previous session low
MLM falls to lowest close since July 31st
TQ Sentiment
Report Sentiment: 60% Bearish
Technical Forecast:
Overview

Moving lower for the 3rd day in a row, MLM ended the week -3.3% lower at 200.13 after losing $3.39 (-1.67%) today. Today's closing price of 200.13 marks the lowest close since July 31st. Closing below Thursday's low at 203.26, the share confirms its breakout through the previous session's low having traded $3.58 below it intraday. Ending with a weak close near the low of the day sets a bearish note for the next session.

Daily chart for MLM
Volatility

Friday's trading range was $2.72 (1.35%), that's below last trading month's daily average range of $5.52. Things look different on a weekly scale, where volatility is slightly below the markets average with the monthly volatility being way above average.

Support/Resistance

Prices are trading close to the key resistance level at 203.04.

Trend

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

Order Flow

With prices trading close to this year's low at 189.27, downside momentum might speed up should the market break out to new lows for the year. Further selling could move prices lower should the market test July's nearby low at 194.94.

Conclusion

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

Market Conditions for Martin Marietta Materials
Condition Forecast Direction Win Avg Worst Best Events
Down Close Near Low of Period TQ Pro Members Only
Close to R1 Resistance TQ Pro Members Only
Black Candle TQ Pro Members Only
Close near low of period TQ Pro Members Only
Close to Swing Low TQ Pro Members Only
More market conditions identified for TQ Pro members...
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