Lockheed Martin (LMT) Stock Price Surpasses $600 for the First Time
As indicated by the Lockheed Martin (LMT) stock chart, after breaking through the psychological barrier of $600, the price has reached an all-time high. Remarkably, it took less than 2.5 months for the stock to climb from $500 to $600.
Demand for Lockheed Martin (LMT) shares is being driven by consistent news of government contracts awarded to the company amid rising geopolitical tensions. These contracts include deals for F-35 Joint Strike Fighter aircraft, Trident II D5 missile production, and supplies for the U.S. missile defence system.
The surge in orders has enabled Lockheed Martins board of directors (NYSE: LMT) to announce an increase in dividends for Q4 2024 by $0.15, bringing them to $3.30 per share. It is worth noting that the company has raised its dividends for 22 consecutive years.
Technical analysis of the Lockheed Martin (LMT) chart today reveals a strongly bullish outlook:
Since February 2022, the price has moved within an upward channel (shown in grey);
From July 2024 onwards, the price action has required a steeper upward channel to capture its dynamics;
The RSI indicator is showing bearish divergences, yet the price continues to hit record highs.
Its possible that the psychological $600 level could trigger profit-taking among investors, which may lead to a correction following the impressive rally in this scenario, LMT shares could retrace to the median line of the blue channel.
According to TipRanks, the average 12-month price target for LMT is $579.14, which highlights the potential overvaluation of the stock at its current level.
Read more: https://fxopen.com/blog/en/oa-lockheed-martin-lmt-stock-price-surpasses-600-for-the-first-time/
Text source: Forex Trading Blog
