Vulcan Materials Co - (VMC) - June 30, 2023
Vulcan Materials (VMC), a producer of aggregate and other construction materials, has been trending upward within the relative strength rankings of the SIA S&P 500 Index Report for about a year now. In May, it quickly moved up out of the red zone and returned to the Green Favored Zone for the first time since early 2022. Since returning to the Green Favored Zone, VMC has gained 13.3%. Yesterday, Vulcan climbed another 5 spots to 44th position and it is up 36 places in the last month.
In early May, Vulcan Materials (VMC) kicked off a new advance with an exclamation mark, staging a breakaway gap on a big spike in volume and completing a bullish Ascending Triangle base with a breakout over $190.00. Since then, the shares have remained under accumulation, recently clearing their January 2022 peak near $210.00 to reach new highs.
Measured moves from the base and their previous trading range indicate the potential for resistance near $240.00 and $280.00 on trend with the $250.00 round number in between. Initial support appears near the $210.00 breakout point followed by the $200.00 round number.
Vulcan Materials (VMC) has consistently been under accumulation since March when it bottomed out at a higher low. Over the last three months, the shares have consistently advanced without even a 3-box correction along the way, completing bullish Double Top and Spread Double Top breakouts, and advancing to new all-time highs.
A horizontal count suggests initial resistance may emerge near $230.45, while a vertical count suggests potential resistance near $254.45. Initial support appears near $204.65 based on a 3-box reversal and a retest of the previous peak and most recent breakout point.
With a perfect SMAX score of 10, VMC is exhibiting strength across the asset classes.
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