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

By James Quinn

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 $174.15 and $178.95 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.

Potential upside of 41.4% exists for Martin Mar Mtls, based on a current level of $176.96 and analysts' average consensus price target of $250.31. The stock should run into initial resistance at its 50-day moving average (MA) of $225.87 and subsequent resistance at its 200-day MA of $249.13.

In the past 52 weeks, shares of Martin Mar Mtls have traded between a low of $135.08 and a high of $281.72 and closed yesterday at $176.96, which is 31% above that low price. Over the last five market days, the 200-day moving average (MA) has gone down 0.4% while the 50-day MA has declined 3.7%.

SmarTrend is monitoring the recent change of momentum in Martin Mar Mtls. Please refer to our Company Overview for the results of our proprietary technical indicators that have been scanning shares of Martin Mar Mtls in search of a potential trend change.

Keywords: bullish am inside day candle martin mar mtls

Ticker(s): MLM