LMT Lockheed Martin $177 targetFollow up to y'day post. I sold into strength this morning as planned. Mild support at $181.15 then $177.07 & $176.04. Trim & trail my longs.
LMT trade ideas
LMT Lockheed Martin just hit a ceiling Dec 23rdAll indications I see are showing a set up to $177 - 176 zone. Supply has been coming in above $178 and now on approach to $200. I am long LMT. I am taking off a portion of this position Monday morning. I wrapped up early Fri and didn't catch my alert in time even though my #2 Excess Supply signal calculated Friday morning. My first stop is in the $160's. My avg is $100 between $130. LMT Lockheed Martin is one of my largest holdings. At 3 absolute deviations above a 15 year regression, the statistical gods are not with me. Trim & Trail kids.
LMT measured moveLMT put in a motive wave, retraced and then put in another motive wave of the same % move. Frost and Prechter in their book said this is a common occurrence so i've been watching and sure enough here it is.
LMT ready for breakout or double top?LMT has shown strength in the past week despite the choppiness in the market. However, with the negative divergence in the RSI, and anemic volume, I would be careful to see whether if this is a double top or if it can gather enough momentum to make new highs.
I would go long above 108.55 only if I see volume expansion, but would not short until it breaks the ascending trendline.
