$NOC exceeds $160

Let's take a look at the daily versus weekly chart for $NOC :

$NOC : Northrop Gruman Corp.

The stock has had an incredible run higher and judging from the Fibonacci extension tool, the bulls may still have some steam to continue. The 2.0 Fibonacci target is roughly around $165; the bulls have exceeded the $160 level, which was the 1.618 Fibonacci target.

We can also see that +DMI is above -DMI on the daily time frame, so the bulls are still in predominant control of the price action over this duration. The ADX line is flat lined, which is reflective of the fact that the stock has been in a trading range between $140 and $150 for the bulk of the time over the past few months.

The weekly chart for $NOC is simply amazing. Since mid-October, the stock has only witnessed four weeks in which the bears outnumbered the bulls and managed to close the stock lower then its Monday open price. The stock has not closed below its 10 week moving average since then as well.

Caution is warranted if one is assuming long positions at current price levels, given the extent of the rise the stock has experienced since its mid-October lows just under $120 a share.