JOHNSON & JOHNSON Can reach $190 by FebruaryJohnson & Johnson (JNJ) has been trading within a long-term Bullish Megaphone pattern since the January 26 2021 High. The pattern has been having very structured Higher Highs and Higher Lows.
At the moment the stock is on a bullish leg, after rebounding exactly on the 1D MA50 (blue trend-line) on November 11 and is also above the 1D MA200 (orange trend-line). The 1W MACD is on a Bullish Cross and the 1W RSI rebounded off a Lower Lows (Double) Bottom formation. The exact same sequence was last seem early this year on January. After one last pull-back, the stock then rallied to the top (Higher Highs trend-line) of the Bullish Megaphone.
The Higher Highs seem to be following the 1.236 - 1.5 - 1.786 Fibonacci sequence and so do the Lows (0.236 - 0.5 - 0.786). The 1.786 Fib extension is a little over $190.00 and that is our current long target on JNJ.
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JNJ trade ideas
Johnson and Johnson preparing for a run upInv H&S in the making
Price should come down first to test the level of support (RS) then shoot up to $176.00.
RSI also should drop a bit before breaking the downtrend.
Concerns:
Price is <200MA and the 21>7 - Bearish...
Bias - Neutral with hopeful bullish setup later on
JNJ sitting on supportJNJ didn't partake in today's rally, however it has recently and is sitting on key support.
A weekly settlement above the descending TEAL secondary channel could prompt JNJ to move higher.
However, failing at the current support structure it's sitting on would allow for continued downside pressure.
Incoming drops confirmed on Johnson&Johnson. JNJWhere are we going with this one? Very likely further down on the largest pharmaceutical firm in the world. As you can see confirmation has been crossed, signifying a start of a new zigzag.
We are not in the business of getting every prediction right, no one ever does and that is not the aim of the game. The Fibonacci targets are highlighted in purple with invalidation in red. Confirmation level, where relevant, is a pink dotted, finite line. Fibonacci goals, it is prudent to suggest, are nothing more than mere fractally evident and therefore statistically likely levels that the market will go to. Having said that, the market will always do what it wants and always has a mind of its own. Therefore, none of this is financial advice, so do your own research and rely only on your own analysis. Trading is a true one man sport. Good luck out there and stay safe.
JNJ Looking for a temporary move higher.Johnson and Johnson - 30D expiry - We look to Sell at 170.59 (stop at 173.41)
Daily signals are bearish.
Daily pivot is at 170.27.
Bespoke resistance is located at 170.00.
Preferred trade is to sell into rallies.
We look for a temporary move higher.
Our profit targets will be 163.06 and 161.06
Resistance: 168.00 / 170.00 / 174.00
Support: 165.00 / 163.00 / 161.00
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JNJ outperforming BUT M-pattern may retest 163/157 if 170 failsSo far JNJ is outperforming the SPY as staples are a defensive play during uncertain markets.
But if JNJ fails to break above my 170 yellow zone (also BO of the black falling wedge) in the next few days then a retest of the 163 green support zone is next. 163 is also a 1.272 Fib zone & also a retest of the blue upchannel base. This is an ideal spot to end the M-pattern to start a new uptrend validating the blue upchannel.
Although less probable for the near term, a retest of the 157 red zone may occur if the blue channel breaks as this is the upper side of a big red channel started in 2004.
Not trading advice
Long JNJ @ 180.81: Fractal breakoutThis was initially a short position. Both daily and weekly alligators have been asleep and wandering aroung the balance line for some time.
The short position was closed and reversed today to the long side @ 180.81 after breaching the last upside fractal of 179.45.
Adding on if price reaches the weekly fractal of 181.74.
Both stop loss and target is whenever price closes below the daily BL.
JNJ bullish scenario:The technical figure Pennant can be found in the US company Johnson & Johnson (JNJ) at daily chart. Johnson & Johnson is an American multinational corporation that develops medical devices, pharmaceuticals, and consumer packaged goods. Its common stock is a component of the Dow Jones Industrial Average and the company is ranked No. 36 on the 2021 Fortune 500 list of the largest United States corporations by total revenue. Johnson & Johnson is one of the world's most valuable companies, and is one of only two U.S.-based companies that has a prime credit rating of AAA, higher than that of the United States government. The Pennant has broken through the resistance line on 23/05/2022, if the price holds above this level you can have a possible bullish price movement with a forecast for the next 6 days towards 184.37 USD. Your stop loss order according to experts should be placed at 172.71 USD if you decide to enter this position.
Johnson & Johnson is now working to spin off its consumer health division and after the company entered a series of settlements for its part in the opioid crisis. First-quarter metrics were mixed, but the company's medical devices business had few declines.
Now, the Dow index stalwart expects $94.8 billion to $95.8 billion in 2022 sales. That no longer includes prior expectations for $3 billion to $3.5 billion in Covid vaccine sales.
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JNJ presenting a BUY LEVELNYSE:JNJ
The Conservative Stop offers less exposition and a great Risk/Reward Ratio of 5 at the risk of being too tight .While the wide stop offers much more room for the trade at the expense of a lesser Risk/Reward Ratio around 3.5 .
Whatever your style ,trading is a game of probabilities and the bulk of the profit if not all the significant profit is realised on a long serie of trades and not solely on a single trade . Results of any Individual trade shrink to insignificance when compared to the sum total of the long serie of trades . At the same time it is important to stick each time to your edge on the market in order to profit on the long term .
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JNJ BO W4 running flat; ext W5 of V ends in 2023 bef recessionIn the bigger picture in this weekly chart, JNJ BO of the big multi-year red upchannel & retested it several times in 2021 when JNJ was making wave 4 of V which is a running flat consolidation lasting the whole of 2021 bottoming in 29 Nov2021.
Notice that the bigger wave IV is an expanded flat (megaphone pattern) bottoming in covid low. Now it has completed wave 4 of V & has successfully broke out of this wave 4 running flat consolidation breaking the 174 resistance. First attempt was in August of 2021, a false BO (bulltrap) before it crash down to complete wave 4 & also again retest the big red upper upchannel for the 5th time. (It was retested a total of 7 times)
The whole wave V was pretty much in the form of an upchannel. JNJ now doing the final wave 5 of V. This looks like an extended wave 5 which will end sometime in 2023 before recession.
JNJ belongs to XLP staples group & has recently been outperforming SPX as it is a defensive stock in times of market uncertainty.
Not trading advice