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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 $270.49 and $272.60 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 (NYSE:NOC) is currently priced 1.0% above its average consensus analyst price target of $268.12. The stock should discover initial support at its 50-day moving average (MA) of $197.75 and subsequent support at its 200-day MA of $183.76.

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.

In the past 52 weeks, Northrop Grumman share prices have been bracketed by a low of $206.69 and a high of $274.61 and closed yesterday at $270.77, 31% above that low price. Over the last five market days, the 200-day moving average (MA) has gone up 0.5% while the 50-day MA has advanced 0.8%.

SmarTrend recommended that subscribers consider buying shares of Northrop Grumman on February 27th, 2017 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $247.27. Since that recommendation, shares of Northrop Grumman have risen 10.3%. 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