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Possible Bearish Inside Day Candle Pattern Detected for Northrop Grumman (NYSE:NOC)

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Northrop Grumman (NYSE:NOC) based on the price action in the company's shares. Yesterday's price range of $252.44 and $256.21 is within the prior day's high and low of the day. This trading action often signifies indecision by bulls and bears to drive prices higher or lower and often implies a possible change in trend. Owners of Northrop Grumman may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Northrop Grumman Corporation is a global security company. The Company provides systems, products, and solutions in aerospace, electronics, information systems, and technical services to government and commercial customers worldwide.

Northrop Grumman share prices have moved between a 52-week high of $360.88 and a 52-week low of $223.63 and closed yesterday at 15% above that low price at $257.66 per share. Over the last five market days, the 200-day moving average (MA) has gone down 0.8% while the 50-day MA has declined 0.9%.

There is potential upside of 44.4% for shares of Northrop Grumman based on a current price of $257.66 and an average consensus analyst price target of $372.16. The stock should run into initial resistance at its 50-day moving average (MA) of $260.65 and subsequent resistance at its 200-day MA of $302.30.

SmarTrend is monitoring the recent change of momentum in Northrop Grumman. Please refer to our Company Overview for the results of our proprietary technical indicators that have been scanning shares of Northrop Grumman in search of a potential trend change.

Keywords: bearish am inside day candle Northrop Grumman

Ticker(s): NOC