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Other Diversified Financial Services Industry Stocks Technical Analysis - MLM

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- 3/15/2024 -
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Martin Marietta Materials (MLM) Technical Analysis

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Summary:
Weekly :Overbought sectorRelative Strength Index is overboughtWilliams' Percentage Range and Lane's Stochastic are strongly overbought
Daily :Williams' Percentage Range is overboughtStochastic signal line moved below overbought areaDaily  MACD line has moved below its signal lineThe price has fallen below the Parabolic SARPrice is near the Fibonacci 23.6% retracement level
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It was the negative week for the Martin Marietta Materials (MLM). During the week, the MLM gave back -0.58 points, or -0.10%, and closed at 596.27 on Friday, March 15, 2024. It was the worst weekly loss since January 26, 2024. MLM was trading at average weekly trading volume.

MLM is a member of Materials Sector. Materials is the most overbought sector. Sector/industry rotation is considered a proven strategy to beat the market. Use the following links to find overbought/oversold technical indicators by Sector or by Industry.

Long-term trend: [See MLM long-term trend chart]
A long-term uptrend had started on July 5, 2022 at 284.99 and reached 617.08 on March 7, 2024. MLM gained -332.09 points, or -116.53%, in 87 weeks. The price is now at the 6.27% retracement level.

Medium-term trend: [See MLM medium-term trend chart]
A medium-term uptrend had started on October 27, 2023 at 389.90 and reached 617.08 on March 7, 2024. MLM gained -227.18 points, or -58.27%, in 18 weeks. The chart has formed a Broadening Ascending Wedge chart pattern. The trend support level is at 579.41 and resistance is at 632.24. A Broadening Ascending Wedge pattern is considered to be a reversal formation. It usually appears in a mature trend, characterized by overbought/oversold long-term and short-term indicators, and often generates divergence on long-term indicators. Use the following link to access a Broadening Ascending Wedge chart pattern help, or use a Technical Stock Screener to see the list of stocks with Broadening Ascending Wedge pattern in a medium-term trend.

Weekly Technical Indicators: [See MLM weekly technical indicators chart]
Weekly Relative Strength Index is overbought while Williams' Percentage Range and Lane's Stochastic are strongly overbought. Use the Technical Stock Screener to see the list of stocks with overbought weekly Relative Strength Index or strongly overbought weekly Williams' Percentage Range and Lane's Stochastic. Oscillators are designed to signal a possible trend reversal. They can act as alerts and should be taken in conjunction with other technical analysis tools. Oscillators can be used to confirm other technical signals. Use the following links to access Lane's Stochastic, Relative Strength Index and Williams' Percentage Range help.

The weekly MACD line is above its signal line since November 24, 2023. This is an indication that the medium-term trend is up. The distance between MACD and the signal line is near its high and getting bigger. It indicates that the current medium-term uptrend is strong. Use the following link to access a MACD help.

Short-term trend: [See MLM short-term trend chart]
A short-term downtrend had started on March 7, 2024 at 617.08 and reached 590.40 on March 11, 2024. MLM lost 26.68 points, or 4.32%, in 4 days. Price is near the Fibonacci 23.6% retracement level. The Fibonacci retracement level is considered a support/resistance level.

Daily Technical Indicators: [See MLM daily technical indicators chart]
Daily Williams' Percentage Range is overbought. Use the Technical Stock Screener to see the list of stocks with overbought daily Williams' Percentage Range. During the last week, daily Lane's Stochastic signal line (%D) has moved below overbought area. Such crossover is considered a bearish signal.

During the last week, daily MACD line has moved below its signal line. Such crossover is considered a bearish signal.

During the last week, the price has fallen below the Parabolic SAR (stop and reversal). A Parabolic SAR above the price is a bearish signal, and it indicates that momentum is likely to remain in the downward direction. A Parabolic SAR is used as a trailing stop loss for long or short positions. It works best during strong trending periods. Use the following links to access Parabolic SAR Help, or use the Technical Stock Screener to see the list of stocks with the Parabolic SAR close to the price level.

Daily Oscillators
Description Value Status Divergence Chart
Relative Strength Index (RSI) 72.40
Williams' Percentage Range (W%R) 19.90
Overbought
Lane's Stochastic (%D-Slow) 57.50
Greed/Fear Indicator (GFI) 70.01
Moving Average Converg./Diverg. (MACD) 21.40
Weekly Oscillators
Description Value Status Divergence Chart
Relative Strength Index (RSI) 89.65
Overbought
Williams' Percentage Range (W%R) 7.80
Strong Overbought
Lane's Stochastic (%D-Slow) 91.19
Strong Overbought
Greed/Fear Indicator (GFI) 83.25
Overbought
Moving Average Converg./Diverg. (MACD) 28.32
Trading Signals
Description Value Chart
Upper Bollinger Band 633.70
Monthly Trendline Resistance 632.24
Parabolic System 615.58
Weekly Stochastic Crossing 606.74
Daily Stochastic Crossing 605.35
Price 596.27
Monthly Trendline Support 579.41
20 Day Moving Average 578.99
50 Day Moving Average 537.12
Lower Bollinger Band 525.76
Sector and Industry
Description Name Rank
Sector Materials 10
Industry Construction Materials 122
Daily Trend
Description Value
Direction Down
Chart Pattern DownTrend
High 608.95
High Date 03/13/2024
Low 596.14
Low Date 03/15/2024
Weekly Trend
Monthly Trend
Description Value
Direction Down
Chart Pattern DownTrend
Status
Resistance
Support
High 617.08
High Date 03/07/2024
Low 590.40
Low Date 03/11/2024
Description Value
Direction Up
Chart Pattern Broadening Ascending Wedge
Status Valid
Resistance 632.24
Support 579.41
Low 389.90
Low Date 10/27/2023
High 617.08
High Date 03/07/2024
Quarterly Trend
Yearly Trend
Description Value
Direction Up
Chart Pattern Uptrend
Status
Resistance
Support
Low 284.99
Low Date 07/05/2022
High 617.08
High Date 03/07/2024
Description Value
Direction Up
Chart Pattern Uptrend
Status
Resistance
Support
Low 58.62
Low Date 11/21/2008
High 617.08
High Date 03/07/2024
Warning: TheGreedyTrader.com presents weekly analysis. Technical indicators and trend parameters are calculated for the close of business day indicated on the top right corner of the screen.