Johnson & Johnson
Short

JOHNSON & JOHNSON Excellent confirmed sell signal

Johnson & Johnson (JNJ) gave us the most optimal buy entry on our last call (April 17, see chart below) and easily hit our 157.50 Target:

JOHNSON & JOHNSON Time to start buying.


Having been rejected early in September exactly at the top (Lower Highs trend-line) of the 2-year Channel Down and now establishing price action below its 1D MA50 (blue trend-line), this is a confirmed sell signal and the start of the Channel's 5th Bearish Leg. The RSI Lower Highs are common on all previous Channel tops.

Our Target is 141.00, which is on the Internal Lower Lows trend-line (formed by the last 2 Lower Lows) and still above the 1.236 Fibonacci extension.

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