Johnson & Johnson: technical analysis
| Scenario | |
|---|---|
| Timeframe | Weekly |
| Recommendation | SELL STOP |
| Entry Point | 158.00 |
| Take Profit | 152.00 |
| Stop Loss | 161.00 |
| Key Levels | 150.00, 152.00, 159.00, 161.00, 162.00, 167.00, 168.00 |
| Alternative scenario | |
|---|---|
| Recommendation | BUY STOP |
| Entry Point | 161.00 |
| Take Profit | 167.00 |
| Stop Loss | 158.00 |
| Key Levels | 150.00, 152.00, 159.00, 161.00, 162.00, 167.00, 168.00 |
The shares of Johnson & Johnson, one of the leading retail holdings, are correcting at 159.00.
On the daily chart, the price is significantly below the support line of the ascending channel with dynamic boundaries of 168.00–162.00, preparing to continue the downward trend.
On the four-hour chart, the quotes have almost reached the end-of-summer level of 158.00. After the consolidation below, there will be practically no obstacles, and it may reach 150.00. Growth of the asset is possible in case of consolidation above 162.00.
Technical indicators are holding the sell signal: the EMA fluctuation range on the Alligator indicator is expanding downwards, and the AO histogram is forming correction bars below the transition level.
Trading tips
Short positions may be opened after the price declines and consolidates below 158.00, with the target at 152.00. Stop loss — 161.00. Implementation period: 7 days or more.
Long positions may be opened after the price grows and consolidates above 161.00, with the target at 167.00. Stop loss — 158.00.
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