Lockheed Martin lands US$17bn missile defence contract

BATS:LMT   Lockheed Martin Corporation
Lockheed Martin Corp. has secured a significant US$17 billion contract to develop advanced interceptors designed to defend the US against intercontinental ballistic missile attacks. This new contract serves as a crucial lifeline for Lockheed Martin, especially following recent setbacks, including reduced orders for the F-35 and the Pentagon's decision to cancel a prospective helicopter project that the company had begun developing.

Although specific details of the contract remain undisclosed, initial reports suggest that the first interceptor is expected to be operational by 2028. This development comes in the wake of an Iranian missile strike on Israel and amidst ongoing commitments by the US to bolster defences in the Asia-Pacific region against North Korean missile threats.

With this backdrop, let's delve into the technical analysis of Lockheed Martin Corp. (NYSE: LMT) stock for potential trading strategies:

On the Daily (D1) timeframe, Lockheed Martin's stock has established a support level at 445.85 USD and resistance at 457.10 USD, with the stock currently exhibiting an upward trend. The stock may retreat to around 430.00 USD if the support level breaks.

For traders considering a position, buying on a rebound from the 445.85 USD support with a short-term target of 474.15 USD appears promising. From a medium-term perspective, holding a long position aiming for a target of 500.00 USD could be advantageous.

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