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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 $315.24 and $316.05 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 (NYSE:NOC) has potential upside of 18.2% based on a current price of $314.82 and analysts' consensus price target of $372.16. The stock should discover initial support at its 50-day moving average (MA) of $290.84 and subsequent support at its 200-day MA of $283.03.

In the past 52 weeks, Northrop Grumman share prices have been bracketed by a low of $223.63 and a high of $340.14 and closed yesterday at $314.82, 41% above that low price. Over the last five market days, the 200-day moving average (MA) has remained constant while the 50-day MA has advanced 1.2%.

SmarTrend recommended that subscribers consider buying shares of Northrop Grumman on April 12th, 2019 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $280.81. Since that recommendation, shares of Northrop Grumman have risen 12.8%. We continue to monitor NOC for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish am inside day candle Northrop Grumman

Ticker(s): NOC