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

By Amy Schwartz

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 $334.96 and $339.34 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 $263.31 and a high of $385.01 and closed yesterday at $342.01, 30% above that low price. Over the past week, the 200-day moving average (MA) has remained constant while the 50-day MA has declined 0.4%.

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.

Potential upside of 8.8% exists for Northrop Grumman, based on a current level of $342.01 and analysts' average consensus price target of $372.16. The stock should hit resistance at its 200-day moving average (MA) of $350.71, as well as support at its 50-day MA of $329.65.

SmarTrend is tracking the current trend status for Northrop Grumman and will alert subscribers who have NOC in their portfolio or watchlist when shares have changed trend direction.

Keywords: bullish am inside day candle Northrop Grumman

Ticker(s): NOC