Martin Marietta Materials (MLM) has made a base pattern on the charts. Let's check the charts of the building materials producer for price targets and bullish clues.
In this daily bar chart of MLM, below, I can see that prices have worked higher the past 12 months. Prices encountered some resistance in the $370-$380 area from August to April, but in May prices broke out on the upside of this resistance zone. Prices trade above the rising 50-day moving average line and the rising 200-day moving average line. The On-Balance-Volume (OBV) line shows strength from the middle of March and helps to confirm the price gains. The trend-following Moving Average Convergence Divergence (MACD) oscillator is in a bullish alignment above the zero line.
In this weekly Japanese candlestick chart of MLM, I can see an attractive chart picture. Prices rallied in 2020 and corrected in 2021-2022 before bottoming again. MLM is trading above the rising 40-week moving average line. The weekly OBV line shows a rise over the past five months. The MACD oscillator is bullish.
In this daily Point and Figure chart of MLM, below, I can see an upside price target in the $443 area.
In this weekly Point and Figure chart of MLM, below, I can see a price target in the $555 area. Impressive.
Bottom line strategy: Traders could go long MLM in the $420-$410 area, risking to $390. My price targets are $443, $500 and $555.
