• Return to Headlines

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

By James Quinn

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. Yesterday's price range of $305.50 and $307.22 is within the prior day'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.

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.

Lockheed Martin (NYSE:LMT) defies analysts with a current price ($306.30) 5.2% above its average consensus price target of $290.40. The stock should discover initial support at its 50-day moving average (MA) of $223.55 and subsequent support at its 200-day MA of $215.04.

Over the past year, Lockheed Martin has traded in a range of $228.50 to $308.48 and closed yesterday at $306.30, 34% above that low. Over the past week, the 200-day moving average (MA) has gone up 0.3% while the 50-day MA has advanced 0.7%.

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 am inside day candle Lockheed Martin

Ticker(s): LMT