JOHNSON & JOHNSON More pain along the way. SELL.
Johnson & Johnson (JNJ) got rejected on its 1D MA200 (orange trend-line) - 1D MA50 (blue trend-line) Resistance Zone. It has been practically trading sideways since the start of the year and based on the Sine Waves, that priced the new Top (Lower Highs trend-line) of the 2-year Channel Down pattern.
The expected completion of a Bearish Cross this week on the 1W RSI, will confirm the Sell Signal, as all 3 previous Bearish Cross sequences were forme just after a Top. Though their declines ranged from -17.58% to -14.78%, we will use the October 10 2022 Low as an example and target the 0.9 Fibonacci retracement level at 147.00 as since the Bullish Leg was limited, we expect an equally less aggressive Bearish Leg towards the bottom of the Sine Waves.
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The expected completion of a Bearish Cross this week on the 1W RSI, will confirm the Sell Signal, as all 3 previous Bearish Cross sequences were forme just after a Top. Though their declines ranged from -17.58% to -14.78%, we will use the October 10 2022 Low as an example and target the 0.9 Fibonacci retracement level at 147.00 as since the Bullish Leg was limited, we expect an equally less aggressive Bearish Leg towards the bottom of the Sine Waves.
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** Please LIKE 👍, FOLLOW ✅, SHARE 🙌 and COMMENT ✍ if you enjoy this idea! Also share your ideas and charts in the comments section below! This is best way to keep it relevant, support us, keep the content here free and allow the idea to reach as many people as possible. **
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