LMT daily all time high expect ABC correctionLMT daily all time high expect ABC correction at least if we clear this compression below.
Lmtshort
Lockheed Martin Bull PennantThis is a monthly chart of the defense company Lockheed Martin (LMT).
As you can see, a bull pennant is appearing.
In my experience, I have found that the most valid bull flags or pennants usually retrace back to the Golden Ratio (0.618), then bounce and continue higher (see below chart).
When this occurs, the measured move up is typically one full Fibonacci spiral from this retracement level, which usually occurs over a period of time that is about the same as the period of time it took the bull flag or pennant to form (see below chart)
The above chart suggests that LMT could climb into the 500s or as high as about 600 by the second quarter of next year. The best time to enter a trade would probably be after the seasonal volatility ends, and after a breakout occurs on some lower timeframe.
From a regression standpoint, this bull pennant formed when price rose from the mean to the 1 standard deviation, and retraced to the 0.5 standard deviation. If it pans out, the measured move may reach one full standard deviation higher (to the 1.5 standard deviations). See below chart.
To learn more about the log-linear regression channel that I used here, you can check out my prior post that described it in more detail:
Obviously, anything can happen. Not trading advice. Please do your own research and trade at your own risk. If you disagree, I welcome respectful comments and charts below.
Disclosure: I have no trade position in LMT and do not plan to open any trade at the current time.
$LMT False BreakoutsNot happy about this one after false breakouts. Short TP 235, although maybe more. Note they have beat earnings estimated every quarter since 2013. This cannot continue.
