We might see a rally on Thursday 4/14/21 in the form of a correction of the overall bearish trend, however with this impulsive leg to the downside, we have established the first major leg. If this leg isn't engulfed then we can expect price to come into the $275 price rage. The 5 minute chart is best due to lack of candle sticks. I am not able to post a 5 minute chart.
Price was out of the water of the Bollinger Bands. Look for price to come back into the water to fill the gap and then we may see the downward pressure resume.
Look for Johnson and Johnson to hit the second target zone to the downside.
Look for price to break the neck line and retest for conservative traders. Aggressive traders can look for entry on this minor correction.
Let's see if we can visit these downside targets. A bear pennant formed on the hourly time frame. If it plays out, we look to exit at downside targets.
There are some interesting things shaping up on this chart. We are currently retesting a previous area of support on the hourly which may serve as resistance. If this plays out, then perhaps the bear flag will send us to the 1st target level which sits at the 38% fibs level. Our 2nd target sits at the 50% level while the 3rd is a combination of the 61% and 78%...
Look for price to head lower to 3 cent region to find support.
Short term trade idea. Potentially less risky play setting up for a shallow pull back before a bigger one.
Potential head and shoulders pattern. Not the best..