*If you don't care about fundamentals skip the next part*
Namely, while most stocks have encountered a technical resistance of the various high levels of this bear market and began a sell off this week. LMT did not care. The stock pushed higher and drew a red candle only on Friday, when the rest of the markets ( twitter especially) were filling up their pants. The reason for that is the fact that the stock price did not recover in 2009. The reason was that the US government while saving money did not give LMT business. (Not going to produce rockets and aircraft while the people still remember the recession).
Instead the company got their business back in late 2012. So their ascending pattern was drawn then, and it was holding long.... very long... until recently it broke the patterns resistance, which began to provide support. (bold yellow lines).
In my opinion the LMT held and gained because Trump kept pushing the US Congress into keeping defense spending unchanged = not taking business away from LMT . So if they approve no changes or an increase to the military LMT will still produce profits in the upcoming years. + they beat their last week.
The stock price is trading in a medium ascending pattern (purple lines). The upper of the pattern has not been yet touched, but, if one uses it to draw levels, then they confirm a point on the medium term patterns as a high point.
However, there exist junior patterns to the mentioned channel. To be exact, there are two of them (black lines).
In general, to keep it short! Price hit resistance of dominant , formed a junior downard pattern, which is set to meet the dominant one's support. Afterwards, it remains to be seen, whether the support gets passed or forces a new rebound, which reaches the upper of the previously mentioned long term ascending pattern.
P.S. There is loads of stuff in regards to LMT that is very particular just to it, but I like this stock as my "Lord of War" or "Murder Money." So feel free to ask questions and comment.
Ok..to be serious.. the 23.60% Fibo held the ground for LMT. Although, it did go into the dumping on Monday.
Have a good nights sleep when drawing these things and no massive liters of coffee.
From a technical, the 200-hour SMA is the suport pushing the stock price from one Fibo to another.
I see the ascending pattern..
Btw I am still long term long on it. (meaning until end of June)