JOHNSON & JOHNSON: TECHNICAL ANALYSIS
| Scenario | |
|---|---|
| Timeframe | Weekly |
| Recommendation | SELL STOP |
| Entry Point | 157.30 |
| Take Profit | 153.00 |
| Stop Loss | 160.00 |
| Key Levels | 147.00, 155.00, 157.00, 160.00, 163.00, 164.00, 169.60 |
| Alternative scenario | |
|---|---|
| Recommendation | BUY STOP |
| Entry Point | 162.40 |
| Take Profit | 169.60 |
| Stop Loss | 160.00 |
| Key Levels | 147.00, 155.00, 157.00, 160.00, 163.00, 164.00, 169.60 |
Shares of Johnson & Johnson, one of the leading retail holdings, are corrected around 160.00.
On the daily chart, the price is approaching the support line of the Triangle pattern with dynamic boundaries of 155.00–163.00.
On the four-hour chart, it is clear that the formation has not started the implementation, but the probability of overcoming its lower border of 157.00 prevails, and in this case, the decline will continue to the autumn low of 147.00. If the quotes remain within the pattern, a reversal and return to the resistance line of 164.00 is expected.
Technical indicators are weakening the buy signal: the EMA fluctuation range on the Alligator indicator is narrowing, and the AO histogram is forming downward bars just above the transition level.
Trading tips
Short positions may be opened after the price declines and consolidates below 157.30 with the target at 153.00. Stop loss – 160.00. Implementation period: 7 days or more.
Long positions may be opened after the price rises and consolidates above 162.40 with the target at 169.60. Stop loss – 160.00.
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