Now Defense is Really Ready
- Posted by Greg Harmon
- on June 12th, 2012
A couple of weeks back I noted that Defense is Defending Itself. These stocks were not yet ready to move higher but looked as if they had stopped running lower. Now with some time under their wings they are looking ready to take off. Here are three to watch soar.
Lockheed Martin, $LMT
Lockheed Martin, $LMT, has been creeping higher towards resistance at 84 and the top of the Bollinger bands. With a rising Relative Strength Index (RSI) and a Moving Average Convergence Divergence (MACD) indicator that is positive and growing more so, there is plenty of support for a move higher. Look for a move over 84 as an entry.
Northrop Grumman, $NOC
Northrop Grumman, $NOC, is consolidating at the 50 and 100 day Simple Moving Averages (SMA) after a gap higher off of the bottom at the 200 day SMA. The RSI and MACD are both supportive of a move higher on this name as well. look for a move over 60 to enter.
Raytheon, $RTN, is already moving higher and through the 50 day SMA. Use that as a stop and get on board. The RSI and MACD are both strong and support more upside. The next resistance is at the previous high at 54.69. Above that a Measured Move takes it to 66.44. Instrument flight rules.
If you like what you see above sign up for deeper analysis and trading strategy by using the Get Premium button above. As always you can see details of individual charts and more on my StockTwits page.
The information in this blog post represents my own opinions and does not contain a recommendation for any particular security or investment. I or my affiliates may hold positions or other interests in securities mentioned in the Blog, please see my Disclaimer page for my full disclaimer.blog comments powered by Disqus
Gregory W. Harmon CMT, CFA, has traded in the Securities markets since 1986. He has held senior positions including Head of Global Trading, Head of Product Development, Head of Strategy and Director of Equity. (More)
Dragonfly Capital Updates
- SPY Trends and Influencers May 25, 2013
- Cleveland’s Best Linkfest!
- Macro Week in Review/Preview May 24, 2013
- A or B You Decide – It Matters….Maybe
- Premium Earnings 5-24-13
- Lessons From Japan
- Drew’s Tips – Hollow Red Candle
- A Lead for an Earnings Trade in Salesforce.com
- Premium Earnings 5-23-13
- Could Be A Good Spot For a Pullback