During Wednesday's Lightning Round segment of Mad Money one caller asked about Martin Marietta Materials (MLM) . "It might be a little rocky here, but I like this stock," responded Jim Cramer.
When we reviewed the charts of MLM on May 25 we wrote that "MLM could pull back or correct toward the $345 area (nearby support) and this could be a buying opportunity for gains to the $427 area later this year. Risk to $329."
Let's check out the charts of MLM again.
In this updated daily bar chart of MLM, below, we can see that prices have been working lower and are testing the $345 area and a bit more. MLM is trading below the cresting 50-day moving average line. The On-Balance-Volume (OBV) line is rolling over telling us that traders are shifting from being aggressive buyers to aggressive sellers. The Moving Average Convergence Divergence (MACD) oscillator has fallen below the zero line for an outright sell signal.