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Other Diversified Financial Services Industry Stocks Technical Analysis - MLMArchive - 3/15/2024 - Sign In to see current Signals. |
Martin Marietta Materials (MLM) Technical Analysis
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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.
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