VMC closes above its opening price after recovering from early selling pressure

Vulcan Materials (VMC) Technical Analysis Report for Apr 16, 2018

Highlights

Traders officially love to sell VMC against 115.47 level
VMC closes above its opening price after recovering from early selling pressure
VMC pushes through 20-day moving average
VMC closes within previous day's range
VMC ends the day indecisive

TQ Sentiment

Report Sentiment: 30% Bullish
Technical Forecast:

Overview

VMC ended Monday at 114.74 gaining $1.93 (1.71%). Trading up to $1.26 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. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.

Daily chart for VMC

Volatility

Monday's trading range was $2.79 (2.45%), that's slightly below last trading month's daily average range of $2.96. Things look different on a weekly scale, where volatility is below the markets average with the monthly volatility being below average.

Price Action

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. After moving lower in the previous session, the stock managed to close higher but below the prior day's open, forming a bullish Harami Candle.

Support/Resistance

Prices are trading close to the key resistance level at 116.32. The market was sold again around 115.47 after having seen highs at 115.71, 115.72 and 115.51 in the last three trading sessions. Obviously there is something going on at that level.

Trend

While VMC is experiencing a short-term up trend, this might just be a correction, as both the medium and long term trends are still in negative territory. The share managed to break above the 20-day moving average at 114.32 today for the first time since April 10th.

Order Flow

Buying could accelerate should prices move above the nearby swing high at 115.72 where further buy stops might get triggered. Selling could speed up should prices move below the close-by swing low at 112.08 where further sell stops might get activated. With prices trading close to this year's low at 109.96, downside momentum could accelerate should the stock break out to new lows for the year. As prices are trading close to April's high at 117.38, upside momentum might speed up should the market mark new highs for the month.

Conclusion

Both sentiments, the classical technical analysis and our quantitative statistics are in perfect alignment today showing a neutral sentiment for the next trading day.

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