Here’s another Aerospace Defense stock that Scott thinks it’s worth watching. $NOC – August 16, 2022
NOC RTX
This is Scott with your Chart of the Day. A few weeks ago I was talking about some aerospace and defense names that I was watching, one of which was RTX ( NYSE: RTX ). Raytheon ( NYSE: RTX ) has finally broken out of this downward sloping trendline. Dan Fitzpatrick, at stockmarketmentor.com, actually put this on our Active Trade List, so we are definitely keeping on an eye on this stock right here.
But there is another aerospace and defense name that I think could be close to a breakout: NOC ( NYSE: NOC ), https://optionmarketmentor.com/stockanalysis.html?ticker=noc ( NYSE: NOC ). I believe they put laser beams on the head of sharks, I think that is what they do.
But as you can see from the chart here it is consolidating right near a clear level of resistance right around that 492.00,492.00. It can’t get up, it can’t get up and now we are right underneath 492.60ish.
I definitely think that is a clear level that I would be watching for a breakout out of this consolidation zone. You can see that Northrop Grumman ( NYSE: NOC ) has been going sideways for about 5, almost 6 months here. That’s a pretty nice base, the longer the base, the higher the space.
And so that is one of the reasons that I like this chart and think it is definitely one you should add to your watch list. I am going to set an alert, on my chart here, right around that 492.60 level, and watch for a strong break above that zone coming on volume.
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