MLM closes higher for the 3rd day in a row

Martin Marietta Materials Inc. (MLM) Technical Analysis Report for Aug 05, 2020 | by Techniquant Editorial Team


MLM fails to close above 20-day moving average
MLM closes higher for the 3rd day in a row


Moving higher for the 3rd day in a row, MLM finished Wednesday at 216.85 gaining $4.57 (2.15%), notably outperforming the S&P 500 (0.64%).

Daily Candlestick Chart (MLM as at Aug 05, 2020):

Daily technical analysis candlestick chart for Martin Marietta Materials Inc. (MLM) as at Aug 05, 2020

Wednesday's trading range has been $7.15 (3.34%), that's slightly above the last trading month's daily average range of $6.29. Weekly volatility is also higher, being slightly above the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for MLM.

After spiking up to 219.95 during the day, the market found resistance at the 20-day moving average at 216.87. The last time this happened on June 29th, MLM actually gained 0.03% on the following trading day.

While the stock is currently in a short-term downtrend, this might just be a correction, as both the medium and long-term trends are still bullish.

Among the five market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "Gap Up" stand out. Although it is usually interpreted as bullish, it has actually shown to be bearish for Martin Marietta. Out of 77 times, MLM closed lower 57.14% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the short side has been after 10 trading days, showing a win rate of 54.55% with an average market move of -0.21%.

Market Conditions for MLM as at Aug 05, 2020

Loading Market Conditions for MLM (Martin Marietta Materials Inc.)...
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