Vulcan Materials Co. - (VMC) - May 23, 2023 (Daily Stock Report)

by SIACharts.com

Sand and gravel producer Vulcan Materials (VMC) has soared up the rankings in the SIA S&P 500 Index Report this month, driving up out of the red zone and returning to the Green Favored Zone for the first time since January of 2022 and reaching its highest rank since October of 2020. VMC is currently in 91st position, up 5 spots on the day and up 190 places in the last month.

Earlier this month, Vulcan Materials (VMC) staged a major breakout blasting through $190.00 on volume to complete a large bullish Ascending Triangle pattern. Building on their breakaway gap, the shares have continued to climb though may, confirming the breakout and indicating continuing accumulation.

Currently, VMC is approaching the $200.00 round number with next potential resistance at the January 2022 peak near $210.00, then $220.00 or $240.00 based on measured moves from the triangle. Initial support appears near the $190.00 breakout point or the top of the gap near $185.00.

Since bottoming out in July, Vulcan Materials (VMC) appears to be resuming its long-term uptrend. VMC started the year snapping out of a downtrend and following a rally and correction that bottomed out at another higher low, the shares have started to climb once again. A bullish Double Top breakout signals that a new advance has started.

Initial upside resistance appears at the January 2021 peak near $209.15, followed by $230.00 based on a horizontal count and $255.00 based on a vertical count. Initial support appears near $182.05 based on a 3-box reversal.

With a perfect SMAX score of 10, VMC 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.

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