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- 1 VMC stock price has retested the support zone of $200 and showed a pullback.
- 2 Buyers have regained momentum and are looking to retain the highs of $230.
Vulcan Materials Company (NYSE: VMC) VMC stock price was trading in an uptrend and showed a retracement, which led to retesting the immediate support zone of $200 in the past trading sessions. Afterward, VMC stock showed a pullback by forming a hammer candlestick followed by a solid bullish engulfing candle, indicating the buying interest on the charts. Furthermore, the VMC stock price showed a golden crossover, surpassing the significant moving averages. This shows that VMC stock is now in a bullish trajectory and is ready to sprint toward $230 in the upcoming sessions.
Furthermore, VMC stock price has done its correction and is ready to skyrocket and will retain $230, followed by $250 in the upcoming sessions. VMC share price glimpsed the buying interest and indicated signs of a long buildup. As per the options chain, at the strike price of $210, a massive open interest of 117 hundred shares on the call side was trapped, and a short covering move was witnessed in the last trading session. Conversely, at the strike price of $200, the open interest of 98 hundred shares on the put side shows a strong support zone there.
At press time, VMC stock price is trading at $212.40 with an intraday gain of 2.63%, showing bullishness in yesterday’s market session. Moreover, the trading volume increased by 1.98% to 1.767 Million, while the market cap is $28.221 Billion. Furthermore, analysts have maintained a buy rating with a yearly target price of $249.60, which suggests a strong growth outlook for the upcoming sessions.
Vulcan Materials Co. engages in the production of construction aggregates. Its products include crushed stone, sand, and gravel. It operates through the following business segments: Aggregates, Asphalt, Concrete, and Calcium. The Aggregates segment produces and sells asphalt mix and ready-mixed concrete primarily in its mid-Atlantic, Georgia, Southwestern, Tennessee, and Western markets. The Asphalt segment relates to the production and selling of asphalt mix in Arizona, California, New Mexico, Tennessee, and Texas.
Will VMC Stock Split Channel Highs of $215?
On the daily charts, VMC stock price has shown a retracement from the highs of $230, losing the gains inside the falling channel. Moreover, the price has retested the support zone of $200 and initiated a pullback, showing buying interest in the past trading sessions. Furthermore, VMC stock price has supported the 50% Fib zone and is looking to retain the 61.8% zone near $220.
The RSI curve has retained the overbought zone, showing a positive crossover, which highlights the buying interest on the charts.
The MACD shows a bullish crossover and formed green bars on the histogram, suggesting a significant upside to $230 can be anticipated soon.
Summary
Vulcan Materials Company (VMC stock) price has surpassed the significant moving averages and showed a pullback in the last trading sessions. Moreover, VMC stock has regained momentum and is looking to retest the highs of $230 in the following sessions. Furthermore, the bears looked trapped, covered their positions, which suggests that the short covering rally will continue and VMC may reach $230 again.
Technical Levels
Support Levels: $210 and $200
Resistance Levels: $215 and $220
Disclaimer
The views and opinions stated by the author or any other person named in this article are for informational purposes only and do not constitute financial, investment, or other advice. Investing in or trading crypto or stocks comes with a risk of financial loss.
Adarsh Singh is a true connoisseur of Defi and Blockchain technologies, who left his job at a “Big 4” multinational finance firm to pursue crypto and NFT trading full-time. He has a strong background in finance, with MBA from a prestigious B-school. He delves deep into these innovative fields, unraveling their intricacies. Uncovering hidden gems, be it coins, tokens or NFTs, is his expertise. NFTs drive deep interest for him, and his creative analysis of NFTs opens up engaging narratives. He strives to bring decentralized digital assets accessible to the masses.Adarsh Singh is a true connoisseur of Defi and Blockchain technologies, who left his job at a “Big 4” multinational finance firm to pursue crypto and NFT trading full-time. He has a strong background in finance, with MBA from a prestigious B-school. He delves deep into these innovative fields, unraveling their intricacies. Uncovering hidden gems, be it coins, tokens or NFTs, is his expertise. NFTs drive deep interest for him, and his creative analysis of NFTs opens up engaging narratives. He strives to bring decentralized digital assets accessible to the masses.
