Martin Marietta Materials Inc - (MLM) - May 15, 2023
Martin Marietta Materials (MLM) is a producer of construction materials such as aggregates and asphalt. After spending nearly all of 2022 and most of this year to date stuck in the yellow zone of the SIA S&P 500 Index Report, MLM has climbed 155 positions in the last month to 77th place, recently returning to the Green Favored Zone for the first time since January of 2022.
A major breakout is underway in Martin Marietta Materials (MLM) shares. Earlier this month, MLM gapped up through $380.00 on a spike in volume, a sign of renewed interest. This move completed a bullish Ascending Triangle base, signaling the start of a new uptrend which has continued with the shares climbing up above $400.00.
The January 2022 peak near $442.00 could present an initial resistance challenge, followed on trend by $460.00 based on a measured move, and the $500.00 round number. Initial support appears near the $380.00 breakout point and the bottom of the breakaway gap near $375.00.
Martin Marietta Materials (MLM) spent the first half of last year under distribution, then spent the second half of the year base-building after its downtrend was contained by a longer-term uptrend support line. A first attempt at launching a recovery trend in March which included the snapping of a downtrend line with a triple top breakout quickly fizzled, but the ensuing correction did bottom out at a higher low which was technically encouraging.
This month, MLM has broken out to the upside again, completing a bullish Double Top breakout and regaining the $400.00 level for the first time in over a year. Initial upside resistance appears at the January 2021 peak near $442.60, followed by $460.50 based on a horizontal count, and then the $500.00 round number. Initial support appears near $377.75 based on a 3-box reversal.
With a perfect SMAX score of 10, MLM is exhibiting strength across the asset classes.
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