US Defense stocks lead by Northrup Grumman ( Chart Shown Here)
rocketed higher on 1/3/20, in reaction to assassination of Iran's Security Chief by the United States.
Look at the breakaway upside gap in NOC on Friday.
This kind of move is an "initiation move",
meaning that it is probably just the beginning of the upside move into defense stocks going...
The tinder box that is the middle east is starting to smoke.
p/e RATIO 18.32
Northrop Grumman Corp. engages in the provision of security businesses. It includes products, systems, and solutions in autonomous systems, cyber, command, control, communications and computers, intelligence, surveillance and reconnaissance, strike, and logistics and modernization. It...
2/Jan/2020 01:03 PM AUTHOR: Brandon Gum
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The target is pretty hairy and i think it could see resistance at 360 actually...So the RR for this one maybe actually be closer to 1.5
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Expecting bounce from extremely oversold weekly and daily levels. If stop breached, be prepared to catch new daily reversal on lower levels with a tight stop.
Northrop Grumman Corp
Technicals
1# 20 Crosses 50 Moving Average in a downwards fashion. Stayed under since October 19th.
2# Price close to 200 Moving Average
3# Lots of distribution within the Descending Triangle, aka bearish formation and Big selling blocks!
4# Higher Bullish volume the recent days, could lead to a false breakout to 360$
Relevant
# Received...
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As you can see, I believe NOC will rise in the short term until it gets to around $380-$390. We will then see it drop and continue to bounce around these two boundaries while steadily going up in the long term.
Not financial advice.
I like this one! Strong trand, descent financial... But.. Take a look at W and D charts.
Double top technical formation is in front of us. Nice opportunity to squeeze this beauty
NOC
