You Should Get to Know Huntington Ingalls Industries

 | Jan 27, 2017 | 11:36 AM EST
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Huntington Ingalls Industries  (HII) is not a household name, but the charts are very bullish.

This is one name that could be worth the time to get to know better as it has it has more than doubled in the past three years. Let me show you how bullish the charts look.

In this one-year daily bar chart of HII, above, you can see a very strong uptrend in the first half of 2016 followed by a three-month correction. From an early November low and temporary break of the rising 200-day moving average line, HII has tacked on nearly $50 to its share price. The On-Balance-Volume (OBV) line has risen steadily over the past 12 months and supports and confirms the rally. Notice that the OBV line did not decline when HII made its correction. This kind of action suggests that investors bought more HII during the pullback.

In the lower panel is the 12-day momentum study, which shows a slowing of the rally from November to January. The pace of the advance may be slowing, but with the other indicators in such a strong position, I anticipate that we shouldn't lose sleep over this divergence.

In this three-year weekly chart of HII, above, we can see prices prices are above the rising 40-week moving average line. The weekly OBV line has confirmed the advance and recently made a new high to match the new price highs. The Moving Average Convergence Divergence (MACD) oscillator is bullish and has been since late 2015.

Above is a Point and Figure chart of HII. Strong rallies followed by consolidations. A potential price target in the $250 area has my attention. A close below the last reaction low of $175 on the daily bar chart would shake my bullish view.

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