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

By James Quinn

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 $355.73 and $359.60 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.

In the past 52 weeks, Northrop Grumman share prices have been bracketed by a low of $206.69 and a high of $359.70 and are now at $358.46, 73% above that low price. In the last five trading sessions, the 50-day moving average (MA) has climbed 0.8% while the 200-day MA has risen 0.5%.

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) is currently priced 0.2% above its average consensus analyst price target of $357.58. The stock should find initial support at its 50-day moving average (MA) of $197.75 and further support at its 200-day MA of $183.76.

SmarTrend recommended that subscribers consider buying shares of Northrop Grumman on February 14th, 2018 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $346.41. Since that recommendation, shares of Northrop Grumman have risen 3.9%. 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