Chart of the Day: Vulcan Shows Strong Support
The stock is in a solid uptrend and poised for more gains.
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Vulcan Materials' VMC chart sure looks strong. With a mini series of higher-highs, higher-lows Vulcan just recently surpassed those highs from May, and now has good support there ($278-$280). Given the recent surge though we could see a modest pullback, but as the chart implies that is probably a nice buy the dip opportunity.
Money flow, as seen in the bottom pane, is very strong here while the stochastics (momentum) in the top pane is clearly in the bullish camp. The Moving Average Convergence Divergence is also very strong and remains on a buy signal, the parabolic SAR (stop and reverse) remains supportive of bullish action.
The company reported earnings last week and dipped following the news, but has rallied back smartly this week. With the increase in money flows it appears the big money waited for that dip and now is buying aggressively. We are pleased!
We like Vulcan Materials and rate it a one in TheStreet Pro Portfolio a buy at anytime.
The Pro Portfolio is long Vulcan.
