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Looking At Lockheed

Published 03/17/2021, 12:28 PM
Updated 07/09/2023, 06:31 AM

Lockheed Martin Daily Chart.

Shares of Lockheed Martin Corporation (NYSE:LMT) are perking up this morning. The stock is up 1.5% at midday as it begins to put some distance on the February peak. This breakout-type move is driving LMT through a key overhead trendline that links the previous two monthly highs. We believe the stock is setting up well for a retest of the 200-day moving average ($366).

LMT’s 50-day moving average is scooping underneath. The stock’s daily MACD is sitting near neutral. On the downside, a close back below $335.00 would violate last week’s low sending a clear warning sign that today’s breakout has failed.

Note: We have no positions.

You can read Gary S. Morrow's original post here.

Latest comments

Very good TA, Gary. This also came into my radar a few days ago due to the 3-month ascending triangle with pressure building to about the $350 mark. It broke out today, ran a bit, then settled to the top of the base. I believe this marks an excellent entry point, assuming it doesn't collapse back into the base (and undercut the trendline you pointed out).
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