Cutting-edge aircraft and next-generation spacecraft maker Northrop Grumman (NOC) has been ignoring the 2022 bear market and has been trending higher the past 12 months.
Let's check out the flight plan of the charts and indicators.
In this daily bar chart of NOC, below, we can see that prices have moved higher the past 12 months -- ignoring the ups and downs of the broader market averages. NOC is trading above the rising 50-day moving average line and above the rising 200-day line. The 200-day average has not been tested since February and not many stocks can say that.
The On-Balance-Volume (OBV) line shows a positive trend and confirms the price gains. The Moving Average Convergence Divergence (MACD) oscillator has stayed above the zero line for much of the past year.
In the weekly Japanese candlestick chart of NOC, below, we can see the strong price rally in NOC going back to early 2021. The shares trade above the rising 0-week moving average line.
The weekly OBV line shows a rise from early 2021 but a decline in 2022. The MACD oscillator is bullish.
In this daily Point and Figure chart of NOC, below, we can see a price target of $681. Impressive. A trade at $555.73 or higher is needed to refresh the uptrend.
In this weekly Point and Figure chart of NOC, below, we can see a price objective in the $725 area.
Bottom-line strategy: Traders who are long NOC from our earlier recommendations and used stops "just below $465 - the recent low" could raise stops to $501 now. The round number of $600 is our price target now.
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