Mr. Pratik chadhokar is an Indian Forex, Cryptocurrencies and Financial Market Advisor and analyst with a background in IT and Financial market Strategist. He specialises in market strategies and technical analysis and has spent over a year as a financial markets contributor and observer. He possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the Financial markets.
Lockheed Martin Corporation’s (LMT stock) price has been volatile with a sideways trend in the stock price. The stock price noted a sharp fall from the $500 level and declined to $441.
The stock price dropped below the key moving average of 50 and 200 EMA. The downward momentum of the price halted near the previous support zone and the price surged.
The daily chart shows that the buyers accumulated at the $440 level and tried to keep the price above it since June 2023. On the other hand, the sellers accumulated at the $470 level making the price consolidate in a range attaining a sideways trend in the market.
The Analysts offering a 1-year price forecast for Lockheed Martin Corporation have a max estimate of $555 and a minimum estimate of $374. Lockheed Martin Corporation is a global security and aerospace firm engaging in research, design, and development services. It operates in Aeronautics, Missile and fire control (MFC), and other defense equipment.
LMT stock option-chain analysis states that the current implied volatility in the market is 12.97% with a decrement of 1.26% in the last trading session. The nearest resistance of $455 has an OI of 1173 open contracts on the CALL side and 462 open contracts on the PUT side indicating that the Sellers are in domination at the resistance which indicates that the price may possibly halt to accumulate buyers near the swing high to make a breakout.
LMT Stock Price Accumulating Near The Demand Zone
Currently, The LMT stock price trades at $448.18 consolidating near the previous demand zone and waiting for a clear trend. The buyers and sellers are having a tough fight for the last 40 sessions but none is dominating at the moment. The price trend is indecisive until it remains in the consolidation zone.
Now, if the price breaks below the $440 level then it might trigger long unwinding and the buyers may exit from $440 and the price may decline sharply.
On the other hand, If the price manages to cross above the $460 level then it may lead to a short-covering among the sellers and the price may shoot upwards to test the $500 level.
The Technical Indicators Showing A Sideways Trend
The daily LMT stock price chart shows that the price is trading below the 200 EMA. Also, the price seems to suffer multiple resistance from 50 EMA and consolidated indicating the presence of sellers at the upper levels.
Currently, the overall Technical Opinion rating including RSI and MACD is signaling a 90% sell with the strengthening short-term outlook on maintaining the current direction.
Conclusion
Lockheed Martin Corporation (LMT stock) price has been fluctuating between $440 and $470 since June 2023, after falling from $500. The price is below the 50 and 200 EMA, indicating a bearish trend. Analysts have a wide range of estimates for the stock, from $374 to $555. The company is a global security and aerospace firm. The price is currently at $448.18, near the lower support level. For Now, the trend is unclear until the price breaks out of the range. A break below $440 may trigger a sharp decline, while a break above $460 may lead to a rally to $500.
Technical Levels
- Support levels: $441.16 and $420.89.
- Resistance levels: $471.74 and $490.94.
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.
Source: https://www.thecoinrepublic.com/2023/09/05/lmt-stock-price-prediction-can-consolidation-lead-to-breakdown/