JOHNSON & JOHNSON Short-term correction ahead.

Johnson & Johnson (JNJ) has been trading within a 5-month Channel Up since the June 20 Low, with the 1D MA50 (red trend-line) in firm Support.

The 4H RSI is printing a peak formation similar to all previous Higher Highs of the pattern. What followed after all those tops were pull-backs just under the 0.382 Fibonacci retracement level but never below the 1D MA50.

As a result, we expect a technical pull-back (Bearish Leg) on this stock to $197.50.

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