Possible Bullish Inside Day Candle Pattern Detected for Vulcan Materials (NYSE:VMC)
SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Vulcan Materials (NYSE:VMC) based on the price action in the company's shares. Today's price range of $114.75 and $115.80 is within yesterday'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 Vulcan Materials may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.
Based on a current price of $115.03, Vulcan Materials is currently 4.3% above its average consensus analyst price target of $110.08. The stock should find initial support at its 50-day moving average (MA) of $105.82 and further support at its 200-day MA of $97.04.
Over the past year, Vulcan Materials has traded in a range of $78.83 to $121.22 and is now at $115.03, 46% above that low. Over the last five market days, the 200-day moving average (MA) has gone up 0.4% while the 50-day MA has advanced 1.3%.
Vulcan Materials Company produces construction aggregates. The Company principal product lines are aggregates, asphalt mix and concrete, and cement.
SmarTrend recommended that subscribers consider buying shares of Vulcan Materials on February 1st, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $87.57. Since that recommendation, shares of Vulcan Materials have risen 30.0%. We continue to monitor VMC for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.
Keywords: bullish inside day candle Vulcan Materials