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

By David Diaz

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. Today's price range of $322.08 and $323.73 is within yesterday'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 share prices have moved between a 52-week high of $325.28 and a 52-week low of $223.63 and are now trading 44% above that low price at $322.10 per share. The 200-day and 50-day moving averages have moved 0.12% higher and 1.11% higher over the past week, respectively.

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.

There is potential upside of 15.5% for shares of Northrop Grumman based on a current price of $322.10 and an average consensus analyst price target of $372.16. The stock should discover initial support at its 50-day moving average (MA) of $298.87 and subsequent support at its 200-day MA of $283.68.

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 $280.80. Since that recommendation, shares of Northrop Grumman have risen 15.3%. We continue to monitor NOC for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish inside day candle Northrop Grumman

Ticker(s): NOC