Shares of Lockheed Martin are perking up this morning. The stock is up 1.5% at mid day as it begins to put some distance on the February peak. This breakout type move is driving LMT through a key overhead trendline that links the previous two monthly highs. We believe the stock is setting up well for a retest of the 200 day moving average($366).
LMT’s 50 day moving average is scooping underneath. The stock’s daily MACD is sitting near neutral. On the downside, a close back below $335.00 would violate last week’s low sending a clear warning sign that today’s breakout has failed.