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Johnson & Johnson: Murrey analysis

amking
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Johnson & Johnson: Murrey analysis
Scenario
TimeframeWeekly
RecommendationSELL STOP
Entry Point153.10
Take Profit146.88, 143.75
Stop Loss155.40
Key Levels143.75, 146.88, 153.12, 156.25, 159.38, 162.50
Alternative scenario
RecommendationSELL LIMIT
Entry Point159.38
Take Profit146.88, 143.75
Stop Loss161.50
Key Levels143.75, 146.88, 153.12, 156.25, 159.38, 162.50

Current trend

Last week, shares of Johnson & Johnson, one of the leading retail holdings, attempted a corrective growth within the medium-term downward trend. The price rose to the middle line of Bollinger Bands 156.25 (Murrey level [2/8]), consolidation above which will allow it to reach the area of ​​159.38 (Murrey level [3/8]), 162.50 (Murrey level [4/8]). In case of a breakdown of 153.12 (Murrey level [1/8]), a decline to the area of ​​146.88 (Murrey level [–1/8]) and 143.75 (Murrey level [–2/8]) may follow.

Technical indicators confirm the continuation of the downward trend: Bollinger Bands are directed downwards, and the MACD histogram is stable in the negative zone. Stochastic is directed upwards, not excluding limited growth.

Support and resistance

Resistance levels: 156.25, 159.38, 162.50.

Support levels: 153.12, 146.88, 143.75.

Johnson & Johnson: Murrey analysis

Trading tips

Short positions may be opened below 153.12 or when the price reverses at 159.38, with the targets at 146.88, 143.75 and stop losses 155.40 and 161.50, respectively. Implementation period: 5–7 days.


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