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Johnson & Johnson (Extended Hours)Johnson & Johnson (Extended Hours)Johnson & Johnson (Extended Hours)

Johnson & Johnson (Extended Hours)

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JNJ trade ideas

JNJ: All roads lead to 147It is crystal clear from this chart and various types of analysis that JNJ is in a zone that will probably lead to at least the 147 range. We can see a shaded channel that the stock has been ascending in for several months. We can also see that volume has been steadily increasing at a sustainable pace. From the wave count (please study Elliot Wave theory if you don't understand this) it is clear that there is a 70% chance JNJ will top out between 148.28 and 156.58 using Fibonacci levels derived from wave 3- trough to peak, and wave 4- peak to trough. Based on the standard assumption that the fifth wave will be more or less equal to the first in magnitude this would project a conservative target of at least 147 coinciding with the channel. Lastly please note that stocks and markets in general respect support and resistance levels- not specific time frames with the point being that I don't know when this price will likely be reached, just that its probably coming. Needless to day nothing is ever certain in trading so always manage risk and deal in probabilities, good luck. Please feel free to leave feedback, questions and criticisms welcome.
NYSE:JNJLong
by TNasr
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