Hello TradingView Family / Fellow Traders. This is Richard, also known as theSignalyst.
📈 JNJ has exhibited an overall bullish trend, trading within the ascending wedge pattern outlined in blue. It is presently nearing the lower boundary/blue trendline.
At present, JNJ is undergoing a correction phase and is trading within the descending red channel. It is currently approaching the lower limit and a highlighted demand zone in green.
🏹 Thus, the highlighted purple circle is a strong area to look for buy setups as it is the intersection of the green demand and lower blue and red trendlines acting as a non-horizontal support.
📚 As per my trading style: As JNJ approaches the lower purple circle zone, I will be looking for bullish reversal setups (like a double bottom pattern, trendline break , and so on...)
📚 Always follow your trading plan regarding entry, risk management, and trade management.
Good luck!
All Strategies Are Good; If Managed Properly! ~Rich