Stock of the day: Lockheed Martin
11 September 2023
Lockheed Martin, the giant in the defense sector, is currently under our spotlight. We previously highlighted its noteworthy performance at the end of August. Today, there's an important update on its trajectory that every trader should be aware of.
The company saw its share price breaking below the pivotal $444 support. This wasn't an ordinary breach; it also surpassed the lower boundary of the symmetric triangle pattern, signified with blue lines on the chart. This downside breakout is sending a clear message: a selling sentiment is in the air.
Where are we heading next? A probable target lies in the orange area, around the $385 mark. The momentum appears to be favoring this move, making it more than just a mere speculation. Nevertheless, in the ever-volatile world of stock trading, there's always room for surprises. If Lockheed Martin reverses course and ascends back above the green zone, it might indicate a false breakout, nullifying the current bearish outlook.