Chart of the Day: Lockheed Martin Price Action Has Been Extraordinary
The big defense firm is resilient in the face of market volatility.
You've reached your free article limit
You've read 0 of 1 free Pro articles.
It is typical when the market moves into a correction phase that stocks in all sectors get whacked a bit. Names that have risen the most probably have the highest risk of losing more ground, but it is also important to notice the ones standing tall in the face of market adversity. Such is the case with TheStreet Pro Portfolio position Lockheed Martin LMT, which continues to ride higher following strong earnings in July.
Notice in the chart below the large move up with the blue candle. That was earnings day, and the trend was confirmed the following day and continues a pattern of higher highs, higher lows.
No matter if the stock market is pulling back, this stock is bullish. Large moves higher like the one Lockheed made post earnings makes it difficult to get on board, but after the move was confirmed we saw that every pullback in August was a buying opportunity. The stock tagged a new all-time high on Tuesday with the S&P 500 pulling back more than 2%. That is some relative strength right there!
What's next for Lockheed? We continue to see money flowing into the name as the stock price starts to flatten out. MACD (moving average convergence divergence) is technically on a sell signal but we should know that is corrective here. Volume trends are decent, and turnover okay in August, which is often a slow volume month for stocks. Momentum (stochastics) remains strong, so LMT should continue flying higher.
We rate Lockheed Martin a Two in TheStreet Pro Portfolio.
More Pro Portfolio:
- Taking Some Profits in a Healthcare Stock and Downgrading Its Rating
- Monthly Roundup: August Brought the Portfolio Several Opportunities
- Why Apple Needs a Wow Moment With Apple Intelligence on September 9
At the time of publication, TheStreet Pro Portfolio was long LMT.
