NOC finds buyers again around 320.66
Moving higher for the 3rd day in a row, NOC ended Thursday at 324.52 gaining $3.36 (1.05%). Closing within the previous day's range, prices failed to decisively move past the prior day's trading range in a lackluster session.
Thursday's trading range was $5.08 (1.58%), that's below last trading month's daily average range of $9.70. Things look different on a weekly scale, where volatility is way below the markets average with the monthly volatility being above average.
Notwithstanding a weak opening the market managed to close above the previous day's open and close, forming a bullish Engulfing Candle.
After having been unable to move lower than 320.20 in the prior session, the share found buyers again around the same price level today at 320.66.
The stock shows strength in the short-term supported by its long-term uptrend with only the medium-term trend being bearish.
Buying might accelerate should prices move above the nearby swing high at 331.63 where further buy stops could get triggered. Selling might speed up should prices move below the close-by swing low at 316.37 where further sell stops could get activated.
While classical technical analysis indicates a neutral sentiment for the next trading day, our quantitative statistics show a different picture being bearish.
Market Conditions for Northrop Grumman Corp.
|Close to R1 Resistance||TQ Pro Members Only|
|Close to Swing High||TQ Pro Members Only|
|Closed above last periods high||TQ Pro Members Only|
|2 Consecutive Higher Closes||TQ Pro Members Only|
|Bullish Spinning Top||TQ Pro Members Only|
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