VMC pushes through Wednesday's high
Vulcan Materials Company (VMC) Technical Analysis Report for Mar 26, 2020 | by Techniquant Editorial Team
Moving higher for the 3rd day in a row, VMC ended Thursday at 102.22 gaining $6.48 (6.77%) on low volume, 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 100.01, the market confirmed its breakout through the previous session high after trading up to $2.99 above it intraday.
Daily Candlestick Chart (VMC as at Mar 26, 2020):
Thursday's trading range has been $7.21 (7.49%), that's slightly below the last trading month's daily average range of $8.79. Weekly volatility is also lower, being slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently significantly higher than usual for VMC.
One bullish candlestick pattern matches today's price action, the White Candle.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
Among the six market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "3 Consecutive Higher Closes" stand out. While it is usually interpreted as bullish, it has actually shown to be bearish for Vulcan Materials. Out of 167 times, VMC closed lower 58.68% 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 50.90% with an average market move of -0.07%.