Here's a chart of LMT for James. This is one of those "no man's land" charts -- between its (now declining) 50-day moving average and its 200-day moving average. That tells me that the stock is bearish in the intermediate term (under the 'fiddy') but still bullish long term (above the 200).
For the last three session the stock has been threatening to break support and confirm a double top pattern. That double top is about six points tall which means that if LMT finally breaks support at 72 it could fall to the 66 area -- conveniently near the 200-day moving average. So bears will want to watch for a close under 72.
From the bull side, it's oversold and has made to hammer-like candles right on support. It looks ready to bounce to me. My concern though, is can it get past that blue trendline and then the 50-day moving average. Although the risk/reward looks pretty good using Friday's low as a stop loss and targeting the 50-day moving average, that trendline throws a monkey wrench in the program. If I were to buy it here I'd be ready to bail if it looked like that trendline was going to hold.
