Friday’s Big Stock Charts: Amazon.com, Inc. (AMZN), Cincinnati Financial Corporation (CINF) and Lockheed Martin Corporation (LMT)

Advertisement

U.S. equity futures are in the tank after the United Kingdom decided their destiny in the European Union overnight. While most investors are likely to be selling into this news, brave bulls are going to have a chance to buy some quality stocks on sale this Friday.

Specifically, Amazon.com, Inc. (NASDAQ:AMZN), Cincinnati Financial Corporation (NASDAQ:CINF) and Lockheed Martin Corporation (NYSE:LMT) are all looking good despite the pain that’s coming their way today.

Amazon.com, Inc. (AMZN)

Amazon.com, Inc. (AMZN) stock chart

Online retailer AMZN has been steady through much of the market turbulence in 2016 as the company’s business model continues to show strength and as Amazon takes more business from the brick-and-mortar group.

This morning, the stock is trading at $700 in response to the Brexit selloff. This has been a key technical level for Amazon shares and should provide initial support. At that level, you’re buying AMZN stock at a 3% discount.

The kicker is that Amazon’s 50-day moving average is sitting at $685, ready to provide another round of support. This trendline should provide yet another round of support to help AMZN retain strength against the market.

Cincinnati Financial Corporation (CINF)

Cincinnati Financial Corporation (CINF) stock chart

Dividend stocks just got put into play even more heavily than before the Brexit as interest rates and actions by the Fed have been thrown into uncertainty.

CINF has been an incredible performer over the last year while paying (and increasing) a 2.7% dividend yield.

Cincinnati Financial shares will be on sale this more at a 6% discount according to premarket trading. This puts the stock opening right on its 50-day trendline, a very supportive technical.  We may see shares dip below this level over the short-term, but CINF is likely to regain its strength quickly as investors go on a dividend-buying frenzy.

Lockheed Martin Corporation (LMT)

Lockheed Martin Corporation (LMT)

Defense stocks are going to be a great defense against the coming uncertainty. Lockheed Martin has been one of the “best in breed” of the sector, and LMT shares are going on sale to the tune of 3% this morning.

The drawdown will put Lockheed Martin shares right on their 50-day moving average, which will send a buy signal to technical traders.

In addition, looking at the longer-term charts, Lockheed Martin’s 20-month moving average is sitting at the $220 mark, which would be significant bullish support for LMT shares as well.

More From InvestorPlace


Article printed from InvestorPlace Media, https://investorplace.com/2016/06/fridays-big-stock-charts-amazon-com-inc-amzn-cincinnati-financial-corporation-cinf-and-lockheed-martin-corporation-lmt/.

©2024 InvestorPlace Media, LLC