LOCKHEED MARTIN WINS U.S. DEFENSE CONTRACT, STOCK SHOWING STRONG TECHNICALS
Lockheed Martin is currently trading at 264.04-higher by 1.57% as compared to the previous closing price. The stock has been closing in the green since the last two trading sessions.
The Pentagon announced on Thursday that Lockheed Martin has been awarded a U.S. defense contract worth $712 million for the development of advanced hardware in support of the F-35 Lightning II aircraft.
In addition, the defense contractor announced earlier this week that it has secured a $1.8 billion contract to upgrade the missile defense capabilities of US military forces using the company’s Patriot Advanced Capability-3 and PAC-3 Missile Segment Enhancement interceptors.
On the technical front, the RSI is currently at 38.59% and suggests that the market can move in the upward direction. The current price is above the MA5 (254). The current price is below the middle line of the Bollinger Bands but is heading upwards.
Overall Bias is Positive and Short-term trades can be initiated with tight Stop Loss and Take Profit targets.
TRADE SUGGESTION- LIMIT BUY AT 262.50 TAKE PROFIT AT 266.50 STOP LOSS AT 260.50