• Return to Headlines

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

By Amy Schwartz

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 $191.35 and $192.14 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.

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.

Over the past year, Martin Mar Mtls has traded in a range of $150.75 to $232.89 and closed yesterday at $191.70, 27% above that low. The 200-day and 50-day moving averages have moved 0.24% lower and 1.06% higher over the past week, respectively.

There is potential upside of 30.6% for shares of Martin Mar Mtls based on a current price of $191.70 and an average consensus analyst price target of $250.31. The stock should find resistance at its 200-day moving average (MA) of $194.23, as well as support at its 50-day MA of $184.48.

SmarTrend recommended that subscribers consider buying shares of Martin Mar Mtls on January 8th, 2019 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $178.83. Since that recommendation, shares of Martin Mar Mtls have risen 6.6%. We continue to monitor MLM for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bullish am inside day candle martin mar mtls

Ticker(s): MLM