Chart of the Day: A Holding Finds Itself in No-Man's Land
The stock is struggling to keep pace with the bullish market, but perhaps a rest was due.
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After a furious move to the upside in April and May following an interim low in March, Vulcan Materials VMC is just settling down for a bit. The stock has been sliding gently down towards moving average support, which is not unexpected after a violent uptrend had ended. With Vulcan now sitting on the 14-day McGinley and right near the 200-day moving average we should see this stock start moving sideways.
The candles are amber color, which is neutral on the GoNoGo composite of indicators. Others, such as the MACD (moving average convergence/divergence) and ADX (Average Directional Index) have lost their mojo and are pointing downward.
Money flow does remain bullish, telling us the recent selling since mid-May has not been too serious, though we did have some big volume bars late in May. The stock seems to be stuck here, not going up or down — no man's land.
As we approach the next earnings season we like where Vulcan Materials is positioned on the chart, but with resistance at $276 (shown) the stock will need a strong catalyst to jump towards all-time highs.
We like Vulcan Materials in TheStreet Pro Portfolio and rate it at One, or "buy at anytime."
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At the time of publication, TheStreet Pro Portfolio was long VMC.
