Lockheed Martin shares gain the most in seven weeks on Friday, Germany to purchase six C-130J aircraft

According to Reuters, citing government documents, Germany intends to purchase six C-130J military transport planes from Lockheed Martin Corporation (LMT) at an approximate value of EUR 900 million under a joint agreement with France. The German government is to formally request procurement of the jets in 2019. At the same time, France has already submitted an order of four Lockheed aircraft, while intending to purchase two additional jets for the joint fleet.

Lockheed Martin shares registered their largest daily surge since January 26th during Friday’s trading session. The stock went up 1.51% ($4.04) to $271.98, after touching an intraday high at $272.18 and also the highest price level ever recorded. In the week ended on March 19th the shares of the global security and aerospace company added 1.24% to their market value compared to a week ago, which marked a seventh consecutive period of gains. The stock has extended its advance to 2.03% so far during the current month, following a 6.07% increase in February. The latter has been a second consecutive monthly gain and also the best performance since November 2016. For the entire past year, Lockheed Martin shares gained 15.10%.

Germanys Ministries of Finance and Defense revealed the first details in regard to the overall cost of the jets in documents provided to policy makers. The country intends to spend additional EUR 110 million on infrastructure and training simulators.

According to Germanys Ministry of Defense, Canadian company CAE Inc constructed the C-130J simulators, while official discussions with Canadas government in regard to the procurement are scheduled for later this year.

France also intends to spend EUR 110 million on air base infrastructure enhancements.

The joint fleet, which is envisaged to be located in Evreux, France and operated by both countries, is to be put to use by 2021.

Daily and Weekly Pivot Levels

With the help of the Camarilla calculation method, today’s levels of importance for the Lockheed Martin stock are presented as follows:

R1 – $272.34
R2 – $272.69
R3 (Range Resistance – Sell) – $273.05
R4 (Long Breakout) – $274.11
R5 (Breakout Target 1) – $275.36
R6 (Breakout Target 2) – $275.91

S1 – $271.62
S2 – $271.27
S3 (Range Support – Buy) – $270.91
S4 (Short Breakout) – $269.85
S5 (Breakout Target 1) – $268.60
S6 (Breakout Target 2) – $268.05

By using the traditional method of calculation, the weekly levels of importance for Lockheed Martin Corporation (LMT) are presented as follows:

Central Pivot Point – $270.43
R1 – $273.73
R2 – $275.48
R3 – $278.78
R4 – $282.08

S1 – $268.68
S2 – $265.38
S3 – $263.63
S4 – $261.88