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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. Today's price range of $393.01 and $399.00 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.

Lockheed Martin (NYSE:LMT) defies analysts with a current price ($398.93) 6.7% above its average consensus price target of $372.18. The stock should find initial support at its 200-day moving average (MA) of $383.40 and further support at its 50-day MA of $372.48.

Lockheed Martin share prices have moved between a 52-week high of $442.53 and a 52-week low of $266.11 and are now trading 50% above that low price at $398.93 per share. The 200-day and 50-day moving averages have moved 0.12% higher and 1.33% lower over the past week, respectively.

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 is tracking the current trend status for Lockheed Martin and will alert subscribers who have LMT in their portfolio or watchlist when shares have changed trend direction.

Keywords: bearish inside day candle Lockheed Martin

Ticker(s): LMT