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Textron (TXT) - Get Textron Inc. Report  was getting a big boost Thursday after Lockheed Martin acquisition talk hit the news. TXT was up well over 3% on what will be its heaviest upside trade of the year. This impressive breakout could bring an end to a six-month consolidation with a fresh rally leg. TXT investors should be very encouraged by this very bullish move.

Textron's post-election rally, which carried shares more than 25% higher, began to lose momentum in mid December. In early January, after the stock reached a new high, it was clear a consolidation was on the way. Three weeks into this healthy action, TXT suffered a major earnings-inspired breakdown on Jan. 25. Shares fell nearly 8% on the opening bell before mounting a strong comeback by the close. The stock has been trending sideways since then. Today's powerful breakout has ended this phase with authority, leaving behind layers of support in the process.

In the near term, TXT investors should consider the stock a low-risk buy on weakness. Solid support is now in place between $48.00 and $47.00. Late in the day, the stock is taking out the April high and has plenty of room to run. A rally up to the 2017 high near $51.00 appears very likely. On the downside, a close back below $46.00 would violate this week's low, indicating more sideways action is ahead.

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