LMT should benefit from defense billLMT's jet is specifically mentioned in the bill which should result in a large sum sale to boost their profits. This is a good long term hold as well as a good trade short-term for the recently passed defense bill via congress overturning Trump's veto. RTX, which is Raytheon and united technologies combined in a merger, both organizations have had longstanding relationships with the military.
I see LMT returning to recent highs which makes for a pretty decent trade and it could recover further for those that go long.
LOM trade ideas
Go long above 375If LMT can get above and hold 375, which is the 61.8 retracement of the Feb 2020 correction, it will also break the upper trendline from the bull pennant formation.
Stop Loss at 339: It has held the .50 retracement at 341 from the Mar 2020 lows to the Jun 2020 highs, which is bullish. If it breaks this, the trade is wrong.
Profit targets: 417 (conservative) and 442 (aggressive).
If we get to 442, look for it to bounce off then retest to break all-time highs.
$LMT #LMT Relatively safe swing trade off hereLockheed Martin Looks like it be a good channel trade for a short swing, Trade it till it breaks, got a feeling it will break to the upside soon. Weekly chart looks like it's finding good support off the 150 MA and a break above the channel is very bullish.
Tutorial on selecting your Price TargetR - Stands for Resistance 1, Resistance 2, Resistance 3
S - Stands for Support 1, Support 2, Support 3
P - Stands for Pivot Point
One resistance level may be tomorrow's support.
An easy way while initially learning is from analysts reports.
I prefer to use pivot points based off TF's I anticipate tying up buying power in the trade.
I.e.
I5m-1hr Intraday
Daily TF 1-4 days
Weekly TF 4-14 days
If you are not using pivot points, they are very easy to use on TradingView and will help have more success when selecting entries, stops, and targets.