$LMT: The Stock Has Been Distributed

My last post on Lockheed was here. From that post, the stock did not stay elevated enough to resemble the fours and fives I had been hoping to see, another clue that we’re not in good times. Furthermore, it has challenged its long-term rising channel, and another selloff will have it leave that structure.

It may now best be seen as a pattern of distribution (there are many out there), and the next immediate target is the lower green trend line which will inevitably fail at some point.

LMT


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$LMT Update

The last time I discussed $LMT was here. In that article, I said it was going to rally 30% to my orange box, and it did.

From here, I believe it may continue to consolidate for a bit in its 4th minor (green) wave, before eventually heading up to the next orange box for its intermediate (orange) wave:

LMT


Note: When articles are first published, most of them are made available only to my Patreon supporters (I do try to publish some public posts on occasion). Over time (usually after a period of a few weeks or so), I make all of the work public. To gain access to my work when it is produced (or to join my Discord chatroom), please consider becoming a patron. Note that there is a 7-day free trial period. More information may be found on my About page and on my Patreon page.


$LMT Has 30% Upside Target

Last discussed in this Twitter thread, $LMT is in a bullish configuration.

After breaking out of its bullish wedge (green) it has consolidated again in a bull flag (red). If this is a 1-2-1-2 pump, as I believe it is, we can expect a lengthy rally from here lasting for quite some time. In its present consolidation, it has come back to retest the 2011-2020 trend line. I have provided target ranges for minor (green) and intermediate (orange) threes. Note: I have used standard, conservative fib extensions for these, but because of the long overhead trend line and double (and time-consuming) consolidations we have had, I expect these threes to extend beyond the typical 1.618 fibs, more likely to 2.618 or even 3.618 to bring us to the top of the channel.

That said, I will keep the conservative targets for the time being.

LMT

Stripping away some of the noise, notice the inverse that is forming. The measured move for this also takes us to the orange target box for the green 3 depicted in the chart above.

LMT

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Note: When articles are first published, most of them are made available only to my Patreon supporters (I do try to publish some public posts on occasion). Over time (usually after a period of a few weeks or so), I make all of the work public. To gain access to my work when it is produced (or to join my Discord chatroom), please consider becoming a patron. Note that there is a 7-day free trial period. More information may be found on my About page and on my Patreon page.