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What the charts say: Bullish on Lockheed Martin Add to ...

In our previous report on Lockheed Martin Corp. (June 23, 2012, $85.35 U.S.) we described a wide horizontal trading range between $68 and $87 (dashed lines), a breakout from this range (A) and the pullback (B). Subsequent to our report, Lockheed resumed its climb and reached a recent high of $94.90 (C) to confirm the resumption of the long-term uptrend. Only a decline below about $87 would be negative.

Point & Figure measurements provide targets of $109 and $119. (19% and 29% appreciation potentials from current levels). The large trading range (dashed lines) supports higher targets.

Monica Rizk is the senior technical analyst for Phases & Cycles Inc. (www.phases-cycles.com). Ron Meisels is a contributor to the www.NA-marketletter.com website and Tweets at @Ronsbriefs. They may hold shares in companies profiled. Please see the site for a glossary.

Monica Rizk is the senior technical analyst for Phases & Cycles Inc. (www.phases-cycles.com). Ron Meisels is a contributor to the www.NA-marketletter.com web site and Tweets at @Ronsbriefs. They may hold shares in companies profiled. Please see the site for a glossary.

Chart source: www.decisionplus.com

Follow us on Twitter: @Monicarizk1, @RonsBriefs

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