Northrop Grumman NOC-N rallied from $282.88 in January 2021 to $556.24 in October 2022 (A-B), reversed the trend when it fell below the 40-week Moving Average (40wMA – C) and then settled in a wide horizontal trading range mostly between $415 and $495 (dashed lines). The recent rise above the top of this range signaled a breakout and the start of a new uptrend (D). Behavioral indicators including the rising 40wMA confirm the bullish status. Northrop Grumman is currently in the midst of a minor correction; there is good support near $490-500. Only a sustained decline below ±$480 would be negative. Point & Figure measurements provide a target of $595. The large trading range (dashed lines) supports higher targets.
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Monica Rizk is the Senior Technical Analyst of the Phases & Cycles publication (www.capitalightresearch.com). Chart source: www.decisionplus.com