Vulcan Materials Pulls BackVulcan Materials broke out earlier this year, and now it’s pulled back.
The first pattern on today’s chart is the move to record highs at the start of February. The provider of gravel and concrete jumped further after earnings and guidance surprised to the upside. Pricing helped fuel the beat, which may indicate strong fundamentals.
Second is the March low of $262.87. VMC came within half a percent of that level on April 2 before bouncing. Is a higher low in place?
Third, stochastics are turning upward after nearing an oversold condition.
Finally, the 8-day exponential moving average (EMA) has remained above the 21-day EMA. That may reflect the presence of an uptrend.
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