Select Page

Shares of Northern Trust are moving well today.  The stock is up just shy of 3% as it begins to put some distance on a descending 200 day moving average.  This key long term indicator has capped the post March highs as well as last month’s peak.  Also providing heavy resistance is the $86.00 area.  NTRS stalled here one month after a strong post earnings(https://www.zacks.com/stock/news/1011236/northern-trust-ntrs-q2-earnings-beat-estimates-provisions-up) rally.  This same supply zone held multi week highs in September as well as the initial October highs.  With solid footing developing underneath(200D mav) we believe NTRS is setting up for a clear break above heavy resistance.

In the near term we regard NTRS as a fairly low risk buy.  Initial upside target is the June high($91).  On the downside, a close back below $80.00 would indicate the 200D is still in control.

*Earnings are due next week(10/21/AM)*