Lockheed Martin is one of the the largest defense, arms and aerospace companies based in the United States and the world. It employs approximately 110’000 people worldwide. The company operates mainly on four business segments, i.e., Aeronautics, Missiles & Fire control, Rotary & Mission system and Space systems. It’s the world’s largest defense contractor based on revenues in the fiscal year of 2014. Headquartered in Bethesda, Maryland, USA, Lockheed Martin is a part of S&P100 and S&P500 indices. One can trade it under the ticker $LMT at NYSE.
In the article back in March 2019, we have presented the impulsive structure of $LMT. Our anticipation was an extension towards 391-437 area. Then a pullback in wave ((IV)) before higher again. We were right. Here, we present an updated view.
Lockheed Martin Monthly Elliott Wave Analysis 11.07.2021
The monthly chart below shows the Lockheed Martin stock $LMT traded at NYSE. From the all-time lows, the stock price has developed cycles higher in black waves ((I))-((II)-((III)) of grand super cycle degree towards the all-time highs on February 2020 at 442.53. Hereby, the wave ((III)) shows an extension beyond 2.618 as related to the wave ((I)). Moreover, wave ((III)) shows an extended subwave (III) on its own. From the February 2020 highs, a correction lower in black wave ((IV)) has found its bottom in March 2020 at 266.11 low. From there, a new cycle within wave ((V)) is in progress. The target for wave ((V)) will be 484.18-551.58 area.
Lockheed Martin Daily Elliott Wave Analysis 11.07.2021
The daily chart below shows in more detail the first stages of the advance higher in black wave ((V)). First, the cycle in blue wave (I) has ended in June 2020 at 417.62 highs. From there, a pullback in wave (II) is taking place and should find support in 7 or 11 swings above 266.11 lows. While prices hold below 396.99 highs from May 2021, $LMT can reach lower towards 298.93-275.80 area. Then, acceleration higher within wave (III) of ((V)) should take place.
Investors and traders can be looking to buy Lockheed Martin in pullback from 298.93-266.11 area for more upside. The target will be 484.18-551.58 area.
Source: https://elliottwave-forecast.com/stock-market/lockheed-martin-opportunity-pullback/