NOC runs into sellers again around 322.31
Northrop Grumman Corp. (NOC) Technical Analysis Report for Jul 13, 2018
NOC finished the week 4.68% higher at 321.73 after losing $0.40 (-0.12%) today on high volume. Trading up to $3.67 lower after the open, the share managed to reverse during the session as bulls took control ending the day above its opening price. Closing within the prior day's range, prices failed to decisively move past the previous day's trading range. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.
Friday's trading range was $6.03 (1.88%), that's slightly above last trading month's daily average range of $5.56. Weekly volatility is also higher, being slightly above the markets average with the monthly volatility being below average.
During the whole day, prices traded within the prior day's range, unable to trade above the previous day's high or below the prior day's low forming an Inside Bar.
After trading as low as 316.28 during the day, Northrop Grumman bounced off the key support level at 319.62. The failure to close below the support could increase that levels importance as support going forward. After having been unable to move above 322.51 in the previous session, the market ran into sellers again around the same price level today, failing to move higher than 322.31.
Although still in a long-term downtrend, the short and medium-term trends both turned bullish already.
Buying might accelerate should prices move above the nearby swing high at 322.51 where further buy stops could get triggered.
While classical technical analysis indicates a neutral sentiment for the next trading day, our quantitative statistics show a different picture being bullish.