gumbtg
Long

Trade Idea --- 8/10 Weekly and Daily breakout ---

NYSE:MLM   MARTIN MARIETTA MATERIALS INC
This is looking like a high probability trade setup. As long as there is no sudden rejection this week I think this one is in the clear to move higher. We may see a few days of consolidation, accompanied by candles with "scary" wicks, following the large price movement that we have seen thus far.

RSI breakout on the daily.
MACD zero line cross on the daily
On above avg volume (but see the note on the chart)
GMMA traders(Blue MAs) are compressed showing a move may occur soon(up or down; betting on up)
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RSI breakout on the weekly
GMMA traders and investor(orange) groups are converging. As the MAs compress the likely hood of an explosive move is high.

S&P IQ has a 5 star rating on them with a PT of $240. Additionally they are currently trading 16% below fair value according to their analysis. They have seen good growth(% wise for a midcap ) in recent quarters, which can later be a good driver when the market is ready.
Comment:
Comment: Exited at break even. Wasnt playing out well

Comments

I appear to be wrong on this one. Apologies
Reply
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