MLM rises to highest close since September 7th
Martin Marietta Materials (MLM) Technical Analysis Report for Sep 14, 2018
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.
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.
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.
Prices are trading close to the key resistance level at 195.96.
Although still in a long-term uptrend, the short and medium-term trends both turned bearish already.
Buying might accelerate should prices move above the nearby swing high at 195.96 where further buy stops could get triggered.
While classical technical analysis indicates a neutral sentiment for the next trading day, our quantitative statistics show a different picture being bearish.
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