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

By David Diaz

SmarTrend's candlestick scanner has spotted a possible bullish 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 $196.66 and $200.74 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. Traders and investors interested in shares of Martin Mar Mtls may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Potential upside of 26.6% exists for Martin Mar Mtls, based on a current level of $199.04 and analysts' average consensus price target of $251.93. Martin Mar Mtls shares have support at the 50-day moving average (MA) of $159.78 and additional support at the 200-day MA of $152.66.

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.

In the past 52 weeks, shares of Martin Mar Mtls have traded between a low of $167.06 and a high of $244.32 and closed yesterday at $199.04, which is 19% above that low price. Over the last five market days, the 200-day moving average (MA) has gone up 0.2% while the 50-day MA has advanced 1.7%.

SmarTrend recommended that its subscribers protect gains by selling shares of Martin Mar Mtls on February 2nd, 2018 by issuing a Downtrend alert when the shares were trading at $219.23. Since that call, shares of Martin Mar Mtls have fallen 10.5%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: bullish am inside day candle martin mar mtls

Ticker(s): MLM