Here’s the level to watch on $LMT – April 4, 2024
This is Scott at StockMarketMentor.com and your Chart of the Day. I want to take a quick look at Lockheed Martin ( NYSE: LMT ).
I haven’t watched LMT ( NYSE: LMT ) for a while because it constantly gets rejected at its 200-day moving average, that’s the black line here on the chart. You can see how this stock has trouble getting above and staying above the 200-day moving average and has for the past year and a half or so.
The last couple of days though, we’ve been able to hold above the 200-day moving average. If I zoom out here, we can see a pretty clear downward-sloping trendline from the highs from back here in April of 2023. We see a clear downward-sloping trendline and the high up here at around 500.00.
I want to know, can Lockheed Martin ( NYSE: LMT ) get above and stay above this clear level of resistance that’s been in place for nearly a year? So I think this level right here, right around 457.00 is pretty important. If I were to buy this stock I’d want to see a strong move through 457.00, coming on higher than average volume.
Now, keep in mind they do have earnings coming up this month, it looks like earnings are on April 23rd. So you may not want to hold that position if it does trigger through earnings if you don’t have a good cushion. But I think this has the potential for a swing to the upside, especially as we continue to hear more rumblings of geopolitical problems around the world.
This is definitely one to watch, in my opinion, even amongst some market volatility.
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