Dominant Trendline intact, currently being tested by price
Trend line will most likely hodl and lead to new highs as it extends a long way back
An ascending channel and rising wedge can be identified within this weekly chart
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...
NYSE: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...
In 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...
The PEAD projected a Bullish outlook for $JNJ after a Positive Under reaction following its earnings release placing the stock in drift A with an expected accuracy of 90%.
$JNJ looks primed and ready to make new all-time highs this week. JNJ is in an ascending channel and based on RSI staying above 50 combined with MACD building and not near its relative "max" (about 4.44), this stock looks like it has legs. I think it is about to break through resistance relatively easily.
With this risky, volatile, day-to-day market, healthcare...
Johnson and Johnson - Short Term - We look to Sell at 176.93 (stop at 178.95)
Previous resistance located at 176.00. We look to sell rallies. This provides an excellent risk/reward opportunity to fade the current bullish move. Although the anticipated move lower is corrective, it does offer ample risk/reward today.
Our profit targets will be 172.09 and 168.20...
JNJ with a double inside day. I'm going to play the break, either to the upside or downside. The triggers are posted in the title. This could be a banger!
Immediate targets at 165, 156, 149. Invalidation at 194.
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. Fibonacci goals, it is prudent to suggest, are nothing more than mere fractally evident and therefore statistically...
