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Possible Bearish Inside Day Candle Pattern Detected for Lockheed Martin (NYSE:LMT)

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Lockheed Martin (NYSE:LMT) based on the price action in the company's shares. Today's price range of $305.50 and $307.22 is within yesterday's high and low of the day. This trading action often signifies indecision by bulls and bears to drive prices higher or lower and often implies a possible change in trend. Owners of Lockheed Martin may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

In the past 52 weeks, shares of Lockheed Martin have traded between a low of $228.50 and a high of $308.48 and are now at $306.61, which is 34% above that low price. Over the past week, the 200-day moving average (MA) has gone up 0.3% while the 50-day MA has advanced 0.7%.

Lockheed Martin (NYSE:LMT) is currently priced 5.3% above its average consensus analyst price target of $290.40. The stock should find initial support at its 50-day moving average (MA) of $223.55 and further support at its 200-day MA of $215.04.

Lockheed Martin Corporation is a global security company that primarily researches, designs, develops, manufactures, and integrates advanced technology products and services. The Company businesses span space, telecommunications, electronics, information and services, aeronautics, energy, and systems integration. Lockheed Martin operates worldwide.

SmarTrend recommended that subscribers consider buying shares of Lockheed Martin on February 14th, 2017 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $262.51. Since that recommendation, shares of Lockheed Martin have risen 17.4%. We continue to monitor LMT for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish inside day candle Lockheed Martin

Ticker(s): LMT