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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. Yesterday's price range of $393.01 and $399.00 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 (NYSE:LMT) is currently priced 2.9% above its average consensus analyst price target of $372.18. The stock should hit resistance at its 200-day moving average (MA) of $383.52, as well as support at its 50-day MA of $371.57.

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.

In the past 52 weeks, Lockheed Martin share prices have been bracketed by a low of $266.11 and a high of $442.53 and closed yesterday at $383.21, 44% above that low price. Over the past week, the 200-day moving average (MA) has remained constant while the 50-day MA has declined 0.7%.

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 am inside day candle Lockheed Martin

Ticker(s): LMT