JOHNSON & JOHNSON: MURREY ANALYSIS
| Scenario | |
|---|---|
| Timeframe | Weekly |
| Recommendation | SELL STOP |
| Entry Point | 146.85 |
| Take Profit | 143.75, 137.50 |
| Stop Loss | 149.10 |
| Key Levels | 137.50, 143.75, 146.88, 150.00, 156.25, 159.38 |
| Alternative scenario | |
|---|---|
| Recommendation | SELL LIMIT |
| Entry Point | 150.00 |
| Take Profit | 143.75, 137.50 |
| Stop Loss | 153.10 |
| Key Levels | 137.50, 143.75, 146.88, 150.00, 156.25, 159.38 |
Current trend
The shares of Johnson & Johnson, one of the world's leading retail holdings, are declining within the medium-term downtrend.
Currently, the quotes have left the main Murrey trading range and are retesting the level of 146.88 (Murrey level [-1/8]), consolidating below which will allow the instrument to continue its decline to 143.75 (Murrey level [-2/8]) and 137.50 (Murrey level [0/8], W1). If the 150.00 mark (Murrey level [0/8]) is broken out, supported by the central line of Bollinger Bands, the quotes will return to the main trading range and will be able to rise to 156.25 (Murrey level [2/8]) and 159.38 (Murrey level [3/8]).
Technical indicators confirm the continuation of the downtrend: Bollinger Bands are reversing down, MACD is increasing in the negative zone. The reversal of Stochastic from the oversold zone does not exclude corrective growth, but its potential is seen to be limited.
Support and resistance
Resistance levels: 150.00, 156.25, 159.38.
Support levels: 146.88, 143.75, 137.50.
Trading tips
Short positions should be opened below the level of 146.88 or after the price reversal around 150.00 with targets at 143.75, 137.50 and stop-losses at 149.10 and 153.10, respectively. Implementation period: 5–7 days.
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