LMT a defense sector leader setup LONG

On the daily LMT, over the long term is shown to have descended into the support

of the ascending support trendline in what appears to be an ascending wedge.

Confluent with the support trendline is the mean VWAP and the mean band of

the Bollinger Bands. I see an opening for a long trade targeting the resistance

trendline and also the second standard deviation of the anchored VWAP ( red

thick line) Fundamentally, LMT just beat on both the top and bottom lines.

It is in a obvious growth industry with a bakclog of production in the setting

of the Russian Ukraine war and the need for US and NATO to replenish their

stockpiles. This long trade is best for investors content with slow moving blue

chip Dow Jones type stocks or alternatively agile options traders able to leverage

low magnitude up trends. I see about 10% upside and will buy some call options

to exploit this setup.