Ascending Triangle in Lockheed MartinSafe havens like consumer staples and pharmaceuticals have advanced this year as technology struggles . Defense stocks including Lockheed Martin are following a similar trajectory.
LMT broke out to new highs in late February after Russia invaded Ukraine. Notice the series of higher lows in the past month with prices sitting below the high of $480. That’s a potential bullish ascending triangle.
Next, the stock is only now breaking out above its old high from February 2020. In other words, it was neglected for two years during the pandemic, but is now gaining strength as other areas fade. Are tech sellers rotating into the sector? (Peers like Raytheon, Northrup Grumman , General Dynamics, and L3Harris Technologies have similar charts – another sign of broader portfolio shifts .)
Finally, LMT’s 50-day simple moving average (SMA) rose above its 200-day SMA in early February: a potentially bullish “golden cross.”
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