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

By Shiri Gupta

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 $202.98 and $206.72 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.

Over the past year, Martin Mar Mtls has traded in a range of $135.08 to $281.72 and closed yesterday at $197.57, 46% above that low. In the last five trading sessions, the 50-day moving average (MA) has fallen 1.1% while the 200-day MA has remained constant.

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 has overhead space with shares priced $197.57, or 21.1% below the average consensus analyst price target of $250.31. The stock should find initial resistance at its 50-day moving average (MA) of $218.84 and further resistance at its 200-day MA of $248.34.

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