Shares of Lockheed Martin Corp (LMT) surged 8.69% Tuesday on the heels of a Q3 earnings beat and an aggressive share buyback plan. Let's zoom into the charts to see how they have changed and what may be in store next for shareholders.
In our August 30 review of the charts I favored the long side of LMT if it held the 50-day moving average line. 
In this daily bar chart of LMT, below, we can see that prices were unable to stay above the 50-day moving average line on a closing basis until yesterday. Prices are back above the 50-day line and the 200-day line.
The On-Balance-Volume (OBV) line has turned upwards in October telling us of a shift to more aggressive buying by traders. The Moving Average Convergence Divergence (MACD) oscillator has crossed upwards for a cover shorts buy signal. The oscillator could soon give us an outright buy signal when it crosses the zero line.
In this weekly Japanese candlestick chart of LMT, below, we can see some improvement. Tuesday's rally shows up here as a long white real body (bullish). Prices are back above the rising 40-week moving average line.
The weekly OBV line is starting a turnaround to the upside. The MACD oscillator is ready for a new buy signal.
In this daily Point and Figure chart of LMT, below, we can see a potential upside price target in the $526 area. Not bad.
In this second Point and Figure chart of LMT, below, we can see a downside price target. A trade at $446.47 should turn this chart bullish.
Bottom line strategy: Old-time chart watchers like myself will typically call Tuesday's price action a "pole" which is often followed by a flag or a pennant pattern. Assuming that LMT corrects some of its sharp gains, traders could probe the long side of LMT during this minor corrective move.
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