JNJ trade ideas
JNJ Approaching Support, Potential Bounce! JNJ is approaching our first support at 117.78 (horizontal overlap support, 100% fibonacci extension, 50%, 23.6% fibonacci retracement) where a strong bounce could occur above this level pushing price up to our major resistance at 136.78 (horizontal pullback resistance, 61.8% fibonacci retracement, 61.8% fibonacci extension).
Stochastic (89,5,3) is also approaching support where we might see a corresponding bounce in price.
JNJ Approaching Resistance, Potential Drop! JNJ is approaching our first resistance at 132.37 (horizontal pullback resistance, 61.8% Fibonacci extension, 23.6% Fibonacci retracement) where a strong drop might occur below this level pushing price down to our major support at 119.46 (horizontal swing low support, 100% Fibonacci extension).
RSI (89) is also seeing a bearish exit and we might see a corresponding drop in price.
JNJ Long Term Short & Weekly Double TopDamaged sentiment. Damaged general market conditions. Very nice chart setup. Early entry short at 121, confirmation entry upon break & close below 120.
Will be picking up some long term ATM Naked LEAPS upon safe breaking of 120.
The yellow areas are vulnerable places where price may visit, "vulnerable" meaning that price never went back creating an unfilled gap..
Smaller area is actually a strong support zone, and may be a shorter-term profit area.
Johnson & Johnson analysisBiggest scandal for the company in decades about asbestos in baby powder still weighing heavily, pre-market showing already another lower open on Monday. Still waiting for the 120 level and 200SMA to be tested to look for a long position as the scandal eventually blows over and investors go long on this stock again.
JNJ 60 Min - Bullish Cypher Pattern - Long SetupJNJ 60 Min Bullish Cypher Pattern - Long Setup
Bullish Cypher has been detected on JNJ 60 Min.
Price bounced several times about 141.95
Enter LONG JNJ at @ 142.7 with a stop loss going at @ 141.0. The first target is at @ 144.5 and the second target is at @ 146.20.
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