Tuesday, November 2, 2021 12:35 PM EDT
Last week, the leading defense and aerospace company, Lockheed Martin Corp (LMT), plunged after reporting earnings. The company issued downside guidance and that was not well received by Wall Street. The stock is now trading below its 200-week moving average. This puts the stock in a weak technical position on the charts and often signals further downside in the near term.
Traders should now watch for major chart support around the $318.00 area. This important support level is where the stock was defended back in early February 2021. Often, prior support levels will serve as excellent support when they are retested. This is also a key retrace level on the larger time-frame chart. I will be looking for a long side trade when Lockheed Martin Corp (LMT) stock trades down to this key level.
Disclaimer: All comments made by InTheMoneyStocks, LLC and its subsidiaries, instructors, and representatives are for educational and informational purposes only and should not be construed as ...
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Disclaimer: All comments made by InTheMoneyStocks, LLC and its subsidiaries, instructors, and representatives are for educational and informational purposes only and should not be construed as investment advice regarding the purchase or sale of securities, or any other financial instrument of any kind. Please consult with your financial adviser before making an investment decision regarding any securities mentioned herein. InTheMoneyStocks, LLC and its representatives assume no responsibility for your trading and investment results. All information on the website was obtained from sources believed to be reliable., but we do not warrant its completeness or accuracy, or warrant any results from the use of the information. InTheMoneyStocks, LLC, its employees, representatives and affiliated individuals may have a position or effect transactions in the securities herein and or otherwise employ trading strategies that may be consistent or inconsistent with the provided strategies. Trading of any type involves a very high degree of risk. Futures and Options trading are not suitable for all investors. Past results are not indicative of future results. InTheMoneyStocks, LLC, its subsidiaries and all affiliated individuals assume no responsibility for your trading and investment results.
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