According to Northrop stock’s latest quarterly earnings report for the quarter that ended in June 2023, NOC had a revenue of $9.58 Billion, a net income of $812.00 Million, and a profit margin of 8.48%.
The company’s revenue surpassed the expectations of analysts by 2.35%, or $219.653 Million. NOC also reported an EPS of $5.34 for the same quarter, which was 0.26% higher than the analysts’ estimate of $5.326.
The next quarterly earnings report for NOC will be released on October 26, 2023. The NOC is expected to have a revenue of $9.581 Billion and an EPS of $5.807 for the quarter ending in September 2023.
According to the Northrop Grumman Corporation (NYSE: NOC) stock that belongs to the aerospace and defense sector, attracted investors’ attention in March 2020 and started to climb up. It gave investors a thrilling ride and reached a high of $556 by the end of October 2022.
But as soon it made its high, the investors pulled out their cash and the profit which they made by staying invested in the stock. This resulted in a correction phase as the NOC stock violated uptrend and the price fell to form support around $420 by moving in a lower low and high pattern.
However, the stock has reversed from the $420 support level showing buyers have regained its edge and have dominated in the past few trading sessions as it jumped significantly.
Therefore, if buyers succeed more in thrusting upwards, NOC stock might continue its upward journey and even surpass the three-year high. Therefore, the probable resistance levels might be $500 and $510.
On the contrary, if the stock slides under the strong resistance influence, then it might make new yearly lows as well and may go for support levels at $480 and $470.
Will NOC Stock Attain Follow On Buying?
At the time of publishing, NOC stock is trading above the 20 and 50-day exponential moving averages which highlights that NOC stock is bullish.
Nevertheless, if buying volume adds up more, then it might shoot more and overtake the hurdles above which are posing a threat to its upward journey. Hence, they expected to move upward and give a bullish overview on the charts.
The MACD line at 14.81 and the signal line at 9.17 are above the zero line. This suggests that the NOC stock has turned bullish and going to show good momentum upward in future sessions.
The RSI is at 72.02 points and NOC stock has taken support from 14 SMA which is above the median line at 60.30 points suggesting more bullishness ahead.
In addition, the stock ratings for NOC stock are positive and highly recommended based on 24 analysts who have evaluated it in the last three months. Also, the 1-year price forecasts for NOC stock by 20 analysts range between $381 to $615.
Summary
NOC had a strong quarter with revenue and EPS exceeding expectations. The price action shows higher highs and low formation in NOC stock showing a more bullish outlook. The technical analysis tools of Northrop Grumman Corporation (NYSE: NOC) suggest a bullish outlook and upward signal. Furthermore, traders and investors are bullish and positive on the daily time frame.
Technical Levels
Support Levels: $480 and $470
Resistance Levels: $500 and $510
Disclaimer
In this article, the views, and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
Source: https://www.thecoinrepublic.com/2023/10/19/noc-stock-forecast-will-nyse-noc-thrust-upward-for-new-highs/