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Vulcan Materials Eyes Key Resistance

 Vulcan Materials Company (NYSE:VMC) has surged as the commodity stocks have heated up in recent months. Just six weeks ago, Vulcan Materials was trading in a beautiful sideways base in the $36.00 range at 52 week lows. You can see this base in the chart below.  As the material, commodity plays blasted higher, finally Vulcan Materials took off. Since that base bottom level, it has jumped to a high of $46.52. While it is extremely extended, the chart is just now coming into the first major resistance area. This level is at a price of $46.85. If the stock pushes through this point, look for the mega point of resistance to be the double top at $48.00.

Gareth Soloway
Chief Market Strategist