NortonLifeLock (NLOK) is poised to make a breakout over the 200-day moving average line. Let's check out the charts and indicators using a complex password.
In this daily bar chart of NLOK, below, we can see that the price of NLOK has made a bottom pattern or formation the past six months. Prices are above the declining 50-day moving average line and below (for now) the declining 200-day moving average line. Shorter moving average lengths would probably have positive slopes.
The On-Balance-Volume (OBV) line has been moving sideways the past six months but looks like it can soon make a new high.
The Moving Average Convergence Divergence (MACD) oscillator looks very close to crossing above the zero line and a fresh outright buy signal.
In this daily Point and Figure chart of NLOK, below, we can see a potential upside price target of $27. This would put prices in an uptrend and above the 200-day moving average line.
In this weekly close only Point and Figure chart of NLOK, below, we can see a longer-term price target in the $35 area.
Bottom line strategy: NLOK looks like it is positioned to move higher from here. Traders could go long at current levels and on strength. Risk a close below $19 for now while looking for gains to the $27 area and possibly $35 longer-term.
(NortonLifeLock is a holding in Jim Cramer's Action Alerts PLUS member club. Want to be alerted before Jim Cramer buys or sells NLOK? Learn more now.)
