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

By Nick Russo

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Northrop Grumman (NYSE:NOC) based on the price action in the company's shares. Today's price range of $210.09 and $212.13 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. Traders and investors interested in shares of Northrop Grumman may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

In the past 52 weeks, Northrop Grumman share prices have been bracketed by a low of $152.31 and a high of $218.84 and are now at $211.10, 39% above that low price. The 200-day and 50-day moving averages have moved 0.45% higher and 0.78% 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, shipbuilding and technical services to government and commercial customers worldwide.

Northrop Grumman (NYSE:NOC) is currently priced 5.6% above its average consensus analyst price target of $199.29. 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.

SmarTrend recommended that subscribers consider buying shares of Northrop Grumman on February 18th, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $191.88. Since that recommendation, shares of Northrop Grumman have risen 10.9%. We continue to monitor NOC for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bullish inside day candle Northrop Grumman

Ticker(s): NOC