Vulcan Materials Co. - (VMC) - May 23, 2023
Sand and gravel producer Vulcan Materials (VMC) has soared up the rankings in the SIA S&P 500 Index Report this month, driving up out of the red zone and returning to the Green Favored Zone for the first time since January of 2022 and reaching its highest rank since October of 2020. VMC is currently in 91st position, up 5 spots on the day and up 190 places in the last month.
Earlier this month, Vulcan Materials (VMC) staged a major breakout blasting through $190.00 on volume to complete a large bullish Ascending Triangle pattern. Building on their breakaway gap, the shares have continued to climb though may, confirming the breakout and indicating continuing accumulation.
Currently, VMC is approaching the $200.00 round number with next potential resistance at the January 2022 peak near $210.00, then $220.00 or $240.00 based on measured moves from the triangle. Initial support appears near the $190.00 breakout point or the top of the gap near $185.00.
Since bottoming out in July, Vulcan Materials (VMC) appears to be resuming its long-term uptrend. VMC started the year snapping out of a downtrend and following a rally and correction that bottomed out at another higher low, the shares have started to climb once again. A bullish Double Top breakout signals that a new advance has started.
Initial upside resistance appears at the January 2021 peak near $209.15, followed by $230.00 based on a horizontal count and $255.00 based on a vertical count. Initial support appears near $182.05 based on a 3-box reversal.
With a perfect SMAX score of 10, VMC is exhibiting strength across the asset classes.
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