Not all stocks have been soaring in this market, Jim Cramer told viewers on Thursday's Mad Money program. Some stocks have been lagging behind and are only now starting to play catch up.
In this daily bar chart of NOC, below, we can see a decline from June to late December followed by a "V" bottom. Prices have recovered nicely this year and the indicators suggest further gains ahead.
NOC is trading above the rising 50-day moving average line and above the bottoming 200-day line. The 50-day line is close to potentially crossing above the 200-day line for what is commonly called a golden cross. This "mechanical" buy signal can work well in long-trending markets.
The daily On-Balance-Volume (OBV) line has improved modestly from its December low signaling a pattern of more aggressive buying.
The Moving Average Convergence Divergence (MACD) oscillator gave buy signals in late January and again in April.
There are some interesting buy signals in this weekly bar chart of NOC, below. Prices corrected for much of 2018 but prices look to be on a stronger footing now. NOC is above the now rising 40-week moving average line.
The weekly OBV line has made new highs for the move up the past four months which is leading the price action.
The weekly MACD oscillator is crossing the zero line now for an outright go long buy signal.
In this Point and Figure chart of NOC, below, we can see that the downtrend has been broken and a new uptrend is in play. A $351 price target is now being projected.
Bottom line strategy: Aggressive traders could go long NOC around $300 risking below $280. The $350-$355 area is our price target from our Point and Figure charts.