During Mad Money last night Jim Cramer told viewers they need to be looking for stocks like Martin Marietta Materials Inc. (MLM) , which rose 9.8% on its sales that exclusively come from the U.S. Let's see if the charts of MLM will have further buying interest.
In the daily bar chart of MLM, below, we can see that prices gapped and sprinted higher this week. MLM is above the rising 50-day moving average line and the bullish 200-day line. The daily On-Balance-Volume (OBV) line made a new high for the move up to confirm the price gains.
The Moving Average Convergence Divergence (MACD) oscillator crossed to the upside above the zero line for a fresh outright go long signal.
In the weekly bar chart of MLM, below, we went back four years to show the significance of this upside breakout. Prices are above the rising 40-week moving average line.
The weekly OBV line is mostly bullish but needs to make a new high for the move up to give me confidence. The weekly MACD oscillator narrowed in recent weeks but is now turning higher again.
In this Point and Figure chart of MLM, below, we can see the breakout at $233.83 and the $264 upside price target.
Bottom-line strategy: If already long MLM you should hold risking a close below $228 now. Looking to buy? Go long around $249. The next upside price target is $264 with $300 after that.
