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Fan Yang

Lockheed Martin Corp - Bullish Continuation Breakout

LMT looks like it has completed its correction after holding under 228 and almost returning to 200 as we can see in the daily chart.

LMT Daily Chart 3/7

(click to enlarge)

Technical Signals: 
- Price held above the 200-day simple moving average for the most part except for a couple of times in January and February, but they were brief violations. 
- The RSI held above 40 for the most part except for an instance in January.

Basically, the above conditions suggest that the prevailing bullish momentum and bias were almost intact. Now that price is back above the cluster of 200-, 100-, and 50-day simple moving averages, the bullish bias has been revived. Additionally, price has broken a falling trendline, adding to the bullish breakout scenario. 

At this point, the 227.50 high is back in sight, with risk of extending further in-line with the prevailing trend. There might be some choppiness, but if the market has turned bullish, price should hold above 212. A break below 210 on the other hand should shelf the current bullish outlook because more consolidation or bearish correction could be at hand.

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