Northrop Grumman May Be Bumping Against the Ceiling, So Book Some Profits

Northrop Grumman Corp. (NOC) has been off my radar screen since the end of February. At that time, we wrapped by the piece as follows: "In this Point and Figure chart of NOC, above, we can see the uptrend presented in a different way. Prices have yet to break out to a new high, but we can project a price target of $292. In bull markets, price targets are often overrun and it would not surprise me to see NOC reach $300 in the months to come. NOC could dip towards $240 or so in the near term and traders could take that discount to go long risking below $235. If NOC does not pull back in the near-term, traders could buy a close above $255 and then risk below $240."

With 20/20 hindsight, I can see that our strategy was pretty successful as you could have bought a dip in March around $240 and you would be up $60 per share with our $300 price target being reached. Prices have been struggling the past two months, so a new strategy is warranted. Let's do our 5,000-mile review and see what we should be doing to be a successful investor....288 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.

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