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

By Amy Schwartz

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 $301.60 and $318.77 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 Corporation is a global security company. The Company provides systems, products, and solutions in aerospace, electronics, information systems, and technical services. Northrop Grumman serves government and commercial customers worldwide.

There is potential upside of 19.2% for shares of Northrop Grumman based on a current price of $312.15 and an average consensus analyst price target of $372.16. The stock should find initial resistance at its 50-day moving average (MA) of $344.29 and further resistance at its 200-day MA of $349.63.

In the past 52 weeks, Northrop Grumman share prices have been bracketed by a low of $263.29 and a high of $385.01 and closed yesterday at $312.15, 19% above that low price. Over the past week, the 200-day moving average (MA) has remained constant while the 50-day MA has declined 2.3%.

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 am inside day candle Northrop Grumman

Ticker(s): NOC