Looking At Lockheed

Lockheed Martin Daily Chart.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.

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