Shipbuilder Huntington Ingalls Charts Course For New Highs

 | Feb 28, 2017 | 1:11 PM EST
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hii

Huntington Ingalls Industries (HII) has more than doubled in the past two years, but further gains seem likely as we look over the charts and indicators.

In this daily bar chart of HII, below, going back twelve months, we can see two up trends separated by a four-month correction. Prices are above the rising 50-day moving average line and there is a test of the rising 200-day moving average line in early November. The On-Balance-Volume (OBV) line rises steadily the entire time even during the corrective July through October period. The 12-day momentum study is not diverging bearishly from the price action, so despite the vertical climb this month we are not (yet) seeing the rally slow.

This three-year weekly chart of HII, below, is still very positive. Prices are above the rising 40-week moving average line. The weekly OBV line has moved up and confirmed the price advance with its own new highs. The Moving Average Convergence Divergence (MACD) oscillator has been bullish the past year and is pointed up in a strong buy mode. 

This Point and Figure chart of HII, below, is pretty dramatic looking, using percentage changes instead of a fixed dollar amount to filter the price action. Either way, a $260 upside price objective sounds pretty good to me. Longs should risk below $200, for now.

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