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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. Today's price range of $371.95 and $374.01 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 $377.34 and a 52-week low of $223.63 and are now trading 67% above that low price at $372.72 per share. Over the past week, the 200-day moving average (MA) has gone up 0.8% while the 50-day MA has advanced 1.1%.

Northrop Grumman (NYSE:NOC) is currently priced 0.2% above its average consensus analyst price target of $372.16. The stock should find initial support at its 50-day moving average (MA) of $351.76 and further support at its 200-day MA of $299.09.

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.

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 inside day candle Northrop Grumman

Ticker(s): NOC