VMC closes higher for the 2nd day in a row

Vulcan Materials (VMC) Technical Analysis Report for Sep 14, 2018

Highlights

VMC dominated by bulls lifting the market higher throughout the day
VMC pushes through 20-day moving average
VMC unable to break through key resistance level
VMC closes higher for the 2nd day in a row
VMC ends the day on a bullish note closing near the high of the day

TQ Sentiment

Report Sentiment: 37% Bullish
Technical Forecast:

Overview

Moving higher for the 2nd day in a row, VMC ended the week 0.34% higher at 111.20 after gaining $1.51 (1.38%) today. Today's closing price of 111.20 marks the highest close since August 30th. The bulls were in full control today, moving the market higher throughout the whole session. Closing within the prior day's range, prices failed to decisively move beyond the previous day's trading range. Ending with a strong close near the high of the day sets a bullish note for the next session.

Daily chart for VMC

Volatility

Friday's trading range was $1.80 (1.64%), that's slightly below last trading month's daily average range of $2.11. Things look different on a weekly scale, where volatility is slightly above the markets average with the monthly volatility being slightly below average.

Support/Resistance

Unable to break through the key technical resistance level at 111.44, the share closed below it after spiking as high as 111.50 during the day. The failure to close above the resistance might increase that levels importance as resistance going forward. After having been unable to move above 111.32 in the prior session, the market ran into sellers again around the same price level today, failing to move higher than 111.50.

Trend

The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term. Vulcan Materials managed to break above the 20-day moving average at 110.86 today for the first time since August 29th.

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 Vulcan Materials

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