MLM rises to highest close since September 7th

Martin Marietta Materials (MLM) Technical Analysis Report for Sep 14, 2018

Highlights

MLM closes above its opening price after recovering from early selling pressure
MLM closes higher for the 2nd day in a row
MLM rises to highest close since September 7th
MLM closes within previous day's range after lackluster session
MLM ends the day indecisive

TQ Sentiment

Report Sentiment: 0% Neutral
Technical Forecast:

Overview

Moving higher for the 2nd day in a row, MLM finished the week -1.15% lower at 194.00 after gaining $0.87 (0.45%) today on low volume. Today's closing price of 194.00 marks the highest close since September 7th. Trading up to $1.00 lower after the open, the share managed to reverse during the session as bulls took control ending the day above its opening price. Closing within the prior day's range, prices failed to decisively move beyond the previous day's trading range in a lackluster session. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.

Daily chart for MLM

Volatility

Friday's trading range was $2.40 (1.24%), that's below last trading month's daily average range of $3.82. Things look different on a weekly scale, where volatility is slightly below the markets average with the monthly volatility being slightly above average.

Price Action

During the whole day, prices traded within the prior day's range, unable to trade above the previous day's high or below the prior day's low forming an Inside Bar.

Support/Resistance

Prices are trading close to the key resistance level at 195.96.

Trend

Although still in a long-term uptrend, the short and medium-term trends both turned bearish already.

Order Flow

Buying might accelerate should prices move above the nearby swing high at 195.96 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 bearish.

Market Conditions for Martin Marietta Materials

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