J&JOHNSON, Ascending-Triangle-Formation, Completion Incoming!Hello,
Welcome to this analysis about the stock JOHNSON&JOHNSON, looking at the 4-hour timeframe perspectives. In my analysis recently I detected an interesting formational structure with J&J which has the ability to show up a determined breakout. As the corona pandemic moved on there emerged several pharmacy companies wanted to invent the covid-19 vaccines, one of them is J&J, now as these vaccines finally emerged there have been sharp rallies in the other companies already especially when the demand at the beginning of the vaccine launches has risen. Now as the demand keeps increasing and the companies distribute to new markets these demand-runs come in waves, as traders we can catch such opportunities in the market when the fundamental signs also give a positive indication for a rise or a fall in a stock like it is the case with these pharmacy companies in the last months.
From the technical point of view, J&J is building this massive ascending-triangle-formation with the waves A to C already completed. Now J&J is about to form the wave D and this wave D so far has shown up with increased volatility to the upside which is a good sign. Furthermore, J&J managed to bounce in the 200-EMA and the next time we can expect the stock to rightly test the upper-boundary as it is marked in my chart from where the wave E will have its origins, when then the wave E manages to stay in the channel and possibly also bounce in the blue confirmational-bounce-cluster this can lead to the final breakout and completion of the ascending-triangle-formation. In this case it is highly necessary that there do not come any bad news for the vaccine distribution such as a break in the supply chain or something else that can lead to a decline in the stock, when this not happens the breakout is likely to show up after the wave-count completed.
In this manner, thank you for watching my analysis about JOHNSON&JOHNSON with the current fundamental aspect as well as the major triangle-formation forming, will be great when you support it with a like and follow or comment, great contentment for everybody supporting, all the best!
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Information provided is only educational and should not be used to take action in the markets.