NOC closes higher for the 2nd day in a row
Northrop Grumman Corporation (NOC) Technical Analysis Report for Jan 24, 2020 | by Techniquant Editorial Team
Moving higher for the 2nd day in a row, NOC ended the week 0.44% higher at 381.64 after gaining $0.14 (0.04%) today, outperforming the S&P 500 (-0.9%).
Daily Candlestick Chart (NOC as at Jan 24, 2020):
Friday's trading range has been $3.98 (1.04%), that's below the last trading month's daily average range of $6.15. Weekly volatility is also lower, being below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for NOC.
Prices are trading close to the key technical support level at 379.27 (S1).
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Buying might accelerate should prices move above the close-by swing high at 384.68 where further buy stops could get triggered.
Among the two market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "2 Consecutive Higher Closes" stand out. Its common bullish interpretation has been confirmed for Northrop Grumman. Out of 323 times, NOC closed higher 58.20% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the long side has been after 10 trading days, showing a win rate of 64.09% with an average market move of 0.93%.