Looking across the P&F scan page on Thursday, I came across Lockheed Martin (LMT) with a quadruple bottom breakdown. Actually, this is a quintuple bottom break down. After four bounces off support, LMT broke through on the fifth try. Based on traditional P&F targeting, the downside projection is to around 62.
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About the author:
Arthur Hill, CMT, is the Chief Technical Strategist at TrendInvestorPro.com. Focusing predominantly on US equities and ETFs, his systematic approach of identifying trend, finding signals within the trend, and setting key price levels has made him an esteemed market technician. Arthur has written articles for numerous financial publications including Barrons and Stocks & Commodities Magazine. In addition to his Chartered Market Technician (CMT) designation, he holds an MBA from the Cass Business School at City University in London.
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