In today's Stock of the Day, let's focus on Lockheed Martin, which is drawing strong attention in the pre-market session—up 4.6%—following a significant geopolitical event: Israel’s overnight military strike on Iran.
Historically, large defense and military contractors like Lockheed Martin see bullish momentum in times of rising global conflict, and this time is no different. The overnight escalation has sparked renewed demand for defense equities, and Lockheed is leading the charge.
From a technical perspective, the stock remains inside a symmetric triangle pattern, marked with black lines, which has been forming over recent weeks. On Wednesday, the price opened sharply lower, briefly testing the lower boundary of the triangle, but buyers quickly stepped in. The session turned into a full bullish reversal, and that strength continued into Thursday.
Now, with the stock set to open with a bullish gap, we are potentially looking at a breakout from the triangle to the upside. A daily close above the upper line of this pattern would confirm the breakout and generate a strong long-term buy signal for Lockheed Martin.
Traders should watch today's close closely. If the price holds above the pattern, it could mark the beginning of a fresh bullish trend for one of the world’s leading defense manufacturers.