Martin Marietta Materials Inc - (MLM) - May 15, 2023 (Daily Stock Report)

by SIACharts.com

Martin Marietta Materials (MLM) is a producer of construction materials such as aggregates and asphalt. After spending nearly all of 2022 and most of this year to date stuck in the yellow zone of the SIA S&P 500 Index Report, MLM has climbed 155 positions in the last month to 77th place, recently returning to the Green Favored Zone for the first time since January of 2022.

A major breakout is underway in Martin Marietta Materials (MLM) shares. Earlier this month, MLM gapped up through $380.00 on a spike in volume, a sign of renewed interest. This move completed a bullish Ascending Triangle base, signaling the start of a new uptrend which has continued with the shares climbing up above $400.00.

The January 2022 peak near $442.00 could present an initial resistance challenge, followed on trend by $460.00 based on a measured move, and the $500.00 round number. Initial support appears near the $380.00 breakout point and the bottom of the breakaway gap near $375.00.

Martin Marietta Materials (MLM) spent the first half of last year under distribution, then spent the second half of the year base-building after its downtrend was contained by a longer-term uptrend support line. A first attempt at launching a recovery trend in March which included the snapping of a downtrend line with a triple top breakout quickly fizzled, but the ensuing correction did bottom out at a higher low which was technically encouraging.

This month, MLM has broken out to the upside again, completing a bullish Double Top breakout and regaining the $400.00 level for the first time in over a year. Initial upside resistance appears at the January 2021 peak near $442.60, followed by $460.50 based on a horizontal count, and then the $500.00 round number. Initial support appears near $377.75 based on a 3-box reversal.

With a perfect SMAX score of 10, MLM is exhibiting strength across the asset classes.

Disclaimer: SIACharts Inc. specifically represents that it does not give investment advice or advocate the purchase or sale of any security or investment whatsoever. This information has been prepared without regard to any particular investors investment objectives, financial situation, and needs. None of the information contained in this document constitutes an offer to sell or the solicitation of an offer to buy any security or other investment or an offer to provide investment services of any kind. As such, advisors and their clients should not act on any recommendation (express or implied) or information in this report without obtaining specific advice in relation to their accounts and should not rely on information herein as the primary basis for their investment decisions. Information contained herein is based on data obtained from recognized statistical services, issuer reports or communications, or other sources, believed to be reliable. SIACharts Inc. nor its third party content providers make any representations or warranties or take any responsibility as to the accuracy or completeness of any recommendation or information contained herein and shall not be liable for any errors, inaccuracies or delays in content, or for any actions taken in reliance thereon. Any statements nonfactual in nature constitute only current opinions, which are subject to change without notice.

Total
0
Shares
Previous Article

Don't Worry, Be Happy

Next Article

Corey HoffsteinĀ ā€“ Return Stacking: Strategy for A Low Return Environment

Related Posts
Subscribe to AdvisorAnalyst.com notifications
Watch. Listen. Read. Raise your average.