I reviewed the charts of Martin Marietta Materials ( MLM) on June 7 and wrote, "Traders could go long MLM in the $420-$410 area, risking to $390. My price targets are $443, $500 and $555." Let's check the charts to see how things are going for the producer of aggregates and building materials.
In this daily bar chart of MLM, below, I can see that prices have continued to climb higher and have reached and passed my $443 price target. Prices trade above the rising 50-day moving average line and above the rising 200-day moving average line. The On-Balance-Volume (OBV) line continues to climb higher from its March nadir. The Moving Average Convergence Divergence (MACD) oscillator is pointed upwards and is above the zero line -- bullish.
In this weekly Japanese candlestick chart of MLM, below, I can see that prices have broken out above their late 2021 highs. MLM trades above its rising 40-week moving average line. The weekly OBV line shows a rising pattern from December. The MACD oscillator is clearly bullish. The recent weekly candles are white (bullish) with no upper shadows.
In this daily Point and Figure chart of MLM, below, I can see that prices reached and exceeded a $443 price target.
In this weekly Point and Figure chart of MLM, below, I see the same $555 price target noted in my June 7 review.
Bottom line strategy: The rally in MLM is moving along nicely. The round number of $500 is my next price target and then $555 thereafter. Fingers crossed.
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