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Possible Bearish Inside Day Candle Pattern Detected for Martin Mar Mtls (NYSE:MLM)

By David Diaz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Martin Mar Mtls (NYSE:MLM) based on the price action in the company's shares. Yesterday's price range of $275.02 and $276.61 is within the prior day's high and low of the day. This trading action often signifies indecision by bulls and bears to drive prices higher or lower and often implies a possible change in trend. Owners of Martin Mar Mtls may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

In the past 52 weeks, Martin Mar Mtls share prices have been bracketed by a low of $179.84 and a high of $281.72 and closed yesterday at $273.74, 52% above that low price. The 200-day and 50-day moving averages have moved 0.50% higher and 0.37% higher over the past week, respectively.

Martin Marietta Materials, Inc. produces aggregates for the construction industry, including highways, infrastructure, commercial, and residential. The Company also manufactures and markets magnesia-based products, including heat-resistant refractory products for the steel industry, chemical products for industrial and environmental uses, and dolomitic lime.

Martin Mar Mtls (NYSE:MLM) is currently priced 8.6% above its average consensus analyst price target of $250.31. The stock should discover initial support at its 50-day moving average (MA) of $271.19 and subsequent support at its 200-day MA of $249.76.

SmarTrend is tracking the current trend status for Martin Mar Mtls and will alert subscribers who have MLM in their portfolio or watchlist when shares have changed trend direction.

Keywords: bearish am inside day candle martin mar mtls

Ticker(s): MLM