NOC closes higher for the 2nd day in a row
Northrop Grumman Corporation (NOC) Technical Analysis Report for Aug 05, 2020 | by Techniquant Editorial Team
Moving higher for the 2nd day in a row, NOC ended Wednesday at 329.71 gaining $4.70 (1.45%) on low volume, outperforming the S&P 500 (0.64%). Today's close at 329.71 marks the highest recorded closing price since June 10th.
Daily Candlestick Chart (NOC as at Aug 05, 2020):
Wednesday's trading range has been $5.92 (1.82%), that's below the last trading month's daily average range of $7.81. Weekly volatility is also lower, being slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for NOC.
One bullish candlestick pattern matches today's price action, the White Candle. The last time a White Candle showed up on July 30th, NOC actually lost -0.31% on the following trading day.
Prices are trading close to the key technical resistance level at 332.29 (R1).
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Among the three 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 320 times, NOC closed higher 57.50% 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 61.88% with an average market move of 0.81%.