The defense contractor Lockheed Martin ( LMT) has been making a multi-month triangle formation since early 2020. Prices have bounced off the lower uptrend line in September so a dive into the charts could be timely. 
In this daily bar chart of LMT, below, we can see that prices made a low in late January/early February and another higher low in September. A high can be seen in May/June.
Prices are now the bullish 50-day and 200-day moving averages.
The On-Balance-Volume (OBV) line has turned upwards from September telling us that buyers are being more aggressive. The trend-following Moving Average Convergence Divergence (MACD) oscillator has crossed above the zero line for an outright buy signal.
In this three-year weekly Japanese candlestick chart of LMT, below, we can see the large triangle formation we noted above. Prices show rising lows from March 2020 and lower highs from February 2020. The pattern is very large and that can translate into a big move when prices breakout on the upside. LMT is now above the 40-week moving average line.
The weekly OBV line is showing improvement from September. The MACD oscillator made a higher low and is crossing to a cover shorts signal.
In this daily Point and Figure chart of LMT, below, we can see a potential upside price target of $422.
In this weekly Point and Figure chart of LMT, below, we used close only prices and here a price target of $679 is projected.
Bottom line strategy: Traders could go long LMT at current levels and any shallow dip. Risk to $355 for now. $422 is our first price target.
