Nice Upside reversal on $MLM – August 10, 2023
This is Scott with your Chart of the Day. I want to take a look at Martin Marietta Materials ( NYSE: MLM ).
Now, the Building Materials Sector has been, actually, holding up really well despite a lot of the market volatility. If I look at something like BLDR ( NYSE: BLDR ) the stock is still in a nice uptrend. If I look at something like Owens Corning ( NYSE: OC ), the stock is still in a nice uptrend.
But one thing that caught my eye today about Martin Marietta Materials ( NYSE: MLM ) is the fact that we had a nice up day, on higher than average volume, on a day when the rest of the market kind of looked ugly.
And so I definitely want to keep an eye on MLM ( NYSE: MLM ) and put an alert right around that 464.00 level. I think that is the breakout pivot here on this stock, so I think that level makes sense to have an alert for a potential break higher out of this long base of consolidation.
The stock has basically gone sideways for an entire month. And even when it does show some weakness and get down near the 50-day moving average here, the buyers are coming in and scooping up those shares. And so this is definitely one to watch, in my opinion.
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