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

By David Diaz

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. Yesterday's price range of $214.96 and $216.79 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. 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 closed yesterday at $215.16, 41% 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%.

Northrop Grumman (NYSE:NOC) defies analysts with a current price ($215.16) 7.4% above its average consensus price target of $199.29. 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.

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.

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 11.7%. We continue to monitor NOC for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bullish am inside day candle Northrop Grumman

Ticker(s): NOC