JOHNSON & JOHNSON: TECHNICAL ANALYSIS
| Scenario | |
|---|---|
| Timeframe | Weekly |
| Recommendation | SELL STOP |
| Entry Point | 143.00 |
| Take Profit | 137.00 |
| Stop Loss | 146.00 |
| Key Levels | 137.00, 143.00, 144.00, 145.30, 149.00, 150.00, 157.00 |
| Alternative scenario | |
|---|---|
| Recommendation | BUY STOP |
| Entry Point | 145.30 |
| Take Profit | 152.00 |
| Stop Loss | 142.00 |
| Key Levels | 137.00, 143.00, 144.00, 145.30, 149.00, 150.00, 157.00 |
Shares of Johnson & Johnson, one of the leading retail holdings, are trading at 144.00.
On the daily chart, the price is preparing to consolidate below the year’s low of 143.00, moving away from the support line of the ascending channel with dynamic boundaries of 157.00–149.00.
On the four-hour chart, the ascending channel 149.00–157.00 can work as a Flag pattern, and after the quotes consolidate below the year’s low of 143.00, the pattern’s target of 135.00 may be reached, and in case of a reversal, growth to the pattern support line of 150.00 is likely.
Technical indicators are strengthening the sell signal: the EMA fluctuation range on the Alligator indicator is expanding in the downward direction, and the AO histogram is forming corrective bars below the transition level.
Trading tips
Short positions may be opened after the price declines and consolidates below 143.00, with the target at 137.00. Stop loss – 146.00. Implementation period: 7 days or more.
Long positions may be opened after the price rises and consolidates above 145.30, with the target at 152.00. Stop loss – 142.00.
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