Attack Lockheed Martin Corporation (NYSE:LMT) On The Long Side

Since mid July Lockheed Martin Corporation (NYSE:LMT) stock has been in a steady channel up. Every time the share price hits the lower end of the channel, it gets a bounce. And when the upper end gets tagged the stock sells off. Today Lockheed Martin Corporation (NYSE:LMT) shares price is off by about 1.5% and looking like it may want to head lower in the coming days. If history is any indicator for future results, then one can't help but notice that this equity is again nearing the lower end of the channel. When taking a trade, I like to have more than one factor for taking a trade. So as Lockheed Martin approaches the channel, I have also added a level of $173.55 which should provide additional support, making this a high reward entry point on the long side to profit from.

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Parm Mann
Elite Round Table
Follow me on twitter: @ParmMannTrader