Stock Chart of the Week - 8/01/22 to 8/05/22
Lockheed Martin ($LMT) has become my favorite chart of the week as it has many things currently going for it. Looking at the weekly chart below we can see the following: -Long term support and resistance level
-Retest of the breakout on the long-term symmetrical triangle
-Shorter term bull flag
-Volume contraction pattern (learn more here)
-Fib retracement to the 61.8% level (not shown on the chart to keep things clean)
I have not added trends to this chart as this name has not respected the EMAs I like to watch as often as other stocks like strong momentum plays.
This likely constitutes as a longer-term play since we are observing the weekly chart. Personally, I will look to start adding to an equity position this week (as always this is not financial advice; please do your own due diligence). My target would be new all-time highs with a stop under the price zone around 383-393. This offers a decent risk/reward with many high-probability setups in the making.