Chart of the Day: Vulcan Makes a Bold Move
The stock had been nudging higher but this week it did something different.
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Buyers just continue to pile into Vulcan Materials (VMC) , a trend we have seen happening for months. We can go all the way back to early summer months to find a bottom for this big materials company, and from there a textbook pattern of higher highs and higher lows.
Notice in the big pane the predominant candle color is blue, which signals a strong bullish trend on the GoNoGo composite of indicators. Nothing better than this.
However, the indicators are not all that happy. Money flow at the bottom has not been matching the price action, in fact, money has been slowly leaking out. MACD (moving average convergence divergence) has now crossed for a tepid buy signal, momentum is strong and the parabolic SAR (stop and reverse) is bullish and supporting the price action.
We'll follow the price here and look for more highs to come, perhaps toward the $320 level before too long.
We like Vulcan Materials in TheStreet Pro Portfolio and rate it a Two, or "stockpile on pullbacks."
At the time of publication, TheStreet Pro Portfolio was long VMC.
