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Lockheed Martin Takes Flak

Published 10/01/2014, 12:31 PM
Updated 05/14/2017, 06:45 AM

Defense stock Lockheed Martin Corporation (NYSE:LMT) is plunging, today by $4.88, at last look, to $177.94 a share. The stock seems to be declining with others in the defense sector today.

Swing traders need to know that today's LMC sell off should lead to further declines in the near term. The next major support level for Lockheed Martin will be around the $171 level, an area where swing traders should look for a bounce. Traders should also note that the support is where the stock broke out to the upside in mid-August. Remember that prior breakout levels can serve as important chart support when initially tested.

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