Today’s stock has started off the week on a strong note, continuing to outperform much of the market. It also plays well with a trend in the market that has been forming due to forces outside of the market. As geopolitical tensions continue to rise, this stock, as well as the sector as a whole, has seen a nice pop in interest surrounding it.
Northrop Grumman (NOC) has made a strong push from when it last entered a demand zone of around 435-440. From there the stock continues to rally up toward the key price of $480, where it is running up against an old support level that has now become resistance. A break through that level implies a possible run higher with the $520 breakdown level being a big price target on our charts.
A long positions could be contemplated here, but again, a break and retest seems to be the highest probability trade when a significant resistance level like this one comes in to play. This helps us determine if the break is real or if it is just a…
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