MLM closes higher for the 3rd day in a row
Martin Marietta Materials Inc. (MLM) Technical Analysis Report for Mar 26, 2020 | by Techniquant Editorial Team
Moving higher for the 3rd day in a row, MLM finished Thursday at 194.92 gaining $12.85 (7.06%), outperforming the S&P 500 (6.24%). The bulls were in full control today, moving the market higher throughout the whole session. Closing above Wednesday's high at 191.25, the stock confirmed its breakout through the previous session high after trading up to $3.67 above it intraday.
Daily Candlestick Chart (MLM as at Mar 26, 2020):
Thursday's trading range has been $10.45 (5.65%), that's below the last trading month's daily average range of $15.82. Things look different on the weekly timeframe, where the market's trading range of the last week has been above the market's average weekly trading range. The longer-term, monthly volatility is currently notably higher than usual for MLM.
One bullish candlestick pattern matches today's price action, the White Candle.
While the share is experiencing a short-term uptrend, this could just be a correction, as both the medium and long-term trends are still bearish.
Among the six market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "Decisive Up Move" stand out. Its common bullish interpretation has been confirmed for Martin Marietta. Out of 293 times, MLM closed higher 51.88% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the long side has been after 10 trading days, showing a win rate of 54.61% with an average market move of 0.28%.