Share price has approached key trendline support. Break below risks a further drop below $400 a share

Lockheed Martin’s stock is approaching a key support level here and the weekly timeframe. Currently, its shares are trading at around $427.51 a share. The support sits along the upper ascending trendline, which reads around $409.16 a share. A break below this support would first need to test the support of $393.78 before any further downside is possible. A break below $393.78 would only then increase the likelihood of a further retracement towards the lower trendline on the chart. Towards the upside from current levels, resistance sits at $431.79 then at $445.54 and then at $466.07. A break and close above $466.07 would entice the bulls to eye up the all-time highs of $500 a share and above. Looking at the technical indicators, the MACD has turned negative which causes slight concern for the short-term. The RSI is flat but has also dipped lower, now reading 41. The bias based on the indicators points towards the downside in the short term.