Eagle Materials ( EXP) is a leading maker of basic construction materials. The name is new to me but the charts look promising. Let's check them out.
In this daily bar chart of EXP, below, I can see a sideways consolidation pattern the past four months. Prices have traded sideways between $130 on the downside and $150 on the upside. EXP trades above the 50-day moving average line and above the rising 200-day line. The daily On-Balance-Volume (OBV) line shows a rising trend from late September. The Moving Average Convergence Divergence (MACD) oscillator is above the zero line.
In this weekly Japanese candlestick chart of EXP, below, I see an improving picture. Prices are trading above the rising 40-week moving average line. The weekly OBV line shows a rise from June. The MACD oscillator is bullish and poised for a fresh outright buy signal.
In this daily Point and Figure chart of EXP, below, I can see a potential upside price target in the $178 area. A trade at $152.44 is needed to refresh the uptrend.
In this weekly Point and Figure chart of EXP, below, I see a chart very similar to the daily chart above.
Bottom line strategy: Traders could go long EXP on strength above $152.44 looking for gains to the $178 area. Risk to $143.
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