MLM ends the day on a bearish note closing near the low of the day
Martin Marietta Materials Inc. (MLM) Technical Analysis Report for Aug 10, 2018 | by Techniquant Editorial Team
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 Candlestick Chart (MLM as at Aug 10, 2018):
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.
Prices are trading close to the key resistance level at 203.04.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
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.