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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 $179.03 and $181.57 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 Mar Mtls (NYSE:MLM) has potential upside of 37.5% based on a current price of $182.01 and analysts' consensus price target of $250.31. The stock should find initial resistance at its 50-day moving average (MA) of $202.32 and further resistance at its 200-day MA of $246.27.

Over the past year, Martin Mar Mtls has traded in a range of $135.08 to $281.72 and closed yesterday at $182.01, 35% above that low. In the last five trading sessions, the 50-day moving average (MA) has fallen 2.4% while the 200-day MA has slid 0.3%.

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.

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: bullish am inside day candle martin mar mtls

Ticker(s): MLM