Building materials supplier Martin Marietta Materials ( MLM) was just upgraded by an analyst at Barclays to "Overweight." Let's check out the charts again and see what they say.
We last reviewed MLM on Nov. 9 and wrote that, "Traders could go long MLM as close to $420 as possible, risk to $380 for now. The $480 area is our first price target. The round number of $500 is our secondary target."
In the daily bar chart of MLM, below, we can see that the shares have been moving from the lower left hand side of the chart to the upper right hand side of the chart -- an uptrend. Prices are trading above the rising 50-day moving average line and the rising 200-day moving average line.
The daily On-Balance-Volume (OBV) line shows weakness from August into October but it is starting to improve again. The trend-following Moving Average Convergence Divergence (MACD) oscillator is in a bullish alignment above the zero line. 
In the weekly Japanese candlestick chart of MLM, below, we see a positive chart with no top reversal patterns at this point in time. MLM is trading above the rising 40-week moving average line.
The weekly OBV line has been in an uptrend from early 2020 but looks like it has leveled off recently. The MACD oscillator is bullish.
In this daily Point and Figure chart of MLM, below, we can see that prices have broken out to a new high. A price target of $521 is being projected.
In this weekly Point and Figure chart of MLM, below, we see a price target in the $627 area.
Bottom-line strategy: The charts and indicators of MLM (above) are bullish. Traders could buy available weakness but need to risk to $404 for now. The $521 area is our price target for now.
