We’re in a seasonally strong time of the year for the defense sector.
NOC
NOC tends to perform well in the first half of the year. It recently hit its first target in this measured range from the breakout of a descending wedge. A move to ~495 would align to the full range and match the seasonal performance in Jan/Feb.
Companies in the defense sector experience geopolitical news driven swings in sentiment. Any unfavorable news could see price test the $468-475 range of volume weighted prices below that are anchored to the 10/28/22 high, the 10/6/23 formation of the current descending wedge, and the 11/20/23 breakout from the descending wedge.
Note that analyst consensus 12 month price target is $510, which aligns closely to the $507 fib level of the retrace from the 10/28/22 high and the retrace that formed the descending wedge.
NOC
NOC tends to perform well in the first half of the year. It recently hit its first target in this measured range from the breakout of a descending wedge. A move to ~495 would align to the full range and match the seasonal performance in Jan/Feb. Companies in the defense sector experience geopolitical news driven swings in sentiment. Any unfavorable news could see price test the $468-475 range of volume weighted prices below that are anchored to the 10/28/22 high, the 10/6/23 formation of the current descending wedge, and the 11/20/23 breakout from the descending wedge.
Note that analyst consensus 12 month price target is $510, which aligns closely to the $507 fib level of the retrace from the 10/28/22 high and the retrace that formed the descending wedge.