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)*