Lockheed Martin tries to recoup some losses - Analysis - 25-01-2023

Economies.com
5 days ago

Lockheed Martin's stock (LMT) rose in the intraday levels after reporting forecast-beating profits and earnings, sending the stock up 1.8% in the last session, or 7.95 points, and settling at 449.23, with trading volumes surpassing 2.8 million shares, above 10-day averages of 1.6 million shares. 

 

Technically, the stock was bolstered by the support of 441.65, lending it momentum amid attempts to recoup some losses, while venting off oversold saturation in the RSI, while hurt by a negative pattern that formed in the short term, the Double Top pattern, with negative pressure from the 50-day SMA, amid the dominance of the main upward medium-term trend.

 

Therefore we expect the stock to return lower, targeting the support of 418.60 as a price target for the Double Top pattern, provided the resistance of 458.00 holds on. 

 

Expected trend for today: Bearish 

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