LMT closes lower for the 2nd day in a row
Lockheed Martin Corporation (LMT) Technical Analysis Report for Jul 31, 2020 | by Techniquant Editorial Team
Moving lower for the 2nd day in a row, LMT ended the month 3.85% higher at 378.97 after losing $2.75 (-0.72%) today, notably underperforming the S&P 500 (0.77%). Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.
Daily Candlestick Chart (LMT as at Jul 31, 2020):
Friday's trading range has been $7.70 (2.02%), that's slightly below the last trading month's daily average range of $8.07. Weekly volatility is also lower, being slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for LMT.
After trading as low as 373.67 during the day, the stock found support at the 50-day moving average at 376.82. The last time this happened on June 12th, LMT actually lost -2.25% on the following trading day. Prices are trading close to the key technical resistance level at 382.44 (R1).
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Among the three market conditions that our pattern recognition engine identified today, the statistics for the Technical Indicators based market condition "RSI(2) below 20" stand out. Its common bullish interpretation has been confirmed for Lockheed Martin. Out of 242 times, LMT closed higher 56.61% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the long side has been after 10 trading days, showing a win rate of 67.36% with an average market move of 1.35%.