Lockheed Martin Bulls in Charge

Published on Monday, 20 August 2012 12:34 Written by TradersHuddle Wire

New York, August 20th (TradersHuddle.com) - Shares of Lockheed Martin Corporation (NYSE:LMT) booked a new 52 week high today by trading above $92.5, traders are definitely monitoring Lockheed Martin's price action to see if this move attracts further buying into the stock.

Lockheed Martin Corporation (NYSE:LMT) is a global defense company that designs, develops, manufactures, and integrates advanced technology products and services. its businesses span space, telecommunications, electronics, information and services, aeronautics, energy, and systems integration.

Lockheed Martin is currently trading 0.88% versus its previous trading session close, and it has calculated support and resistance at $82.19 and $87.65 respectively. Clearly, with this action this range has been penetrated, and traders will be reviewing price action to establish a new tradable range.

The overall market index S&P 500 is trading lower by -0.14% from its previous trading close, which means that Lockheed Martin stock is outperforming the overall market.