Johnson & Johnson (JNJ) | Inside an Optimal Buying Zone!
Hi,
The market has made some pretty good moves up and the current slight correction is bringing prices back to technically good levels and Johnson & Johnson is one of them.
Johnson & Johnson (J&J) is an American multinational corporation founded in 1886 that develops medical devices, pharmaceuticals, and consumer goods.
Technically, it has been quite difficult to get it (when there has been such a clear and strong trend, you don't have to be smart to understand that the fundamentals are fine with JNJ), because there have not been such sharp reversals, from which to find a support level and etc, but as you can see from the picture, it has not been impossible. Namely, the price of JNJ has respected a trendline for almost 10 years.
The trend line is drawn from the closing prices (you can do it easily on the line chart) to eliminate the noise and the wicks that the various waves of panic have brought. JNJ has always been bought up very quickly and the growth has been steady.
Also, the price has respected the 50-month moving average (50EMA) almost flawlessly, and at the moment the trend line and the EMA50 form a single punch and are together in one price zone.
Technical criteria for a significant level of support:
1. Trendline, clearly proven in the long term.
2. The Monthly EMA50 has held nicely.
3. The resistance level that worked for three years in 2017-2020, around $150, will start working as a support level.
4. Short-term channel projection
5. Short-term equal waves from the top: AB=CD
The optimal entry point should stay between $147-$160.
Good luck!
The market has made some pretty good moves up and the current slight correction is bringing prices back to technically good levels and Johnson & Johnson is one of them.
Johnson & Johnson (J&J) is an American multinational corporation founded in 1886 that develops medical devices, pharmaceuticals, and consumer goods.
Technically, it has been quite difficult to get it (when there has been such a clear and strong trend, you don't have to be smart to understand that the fundamentals are fine with JNJ), because there have not been such sharp reversals, from which to find a support level and etc, but as you can see from the picture, it has not been impossible. Namely, the price of JNJ has respected a trendline for almost 10 years.
The trend line is drawn from the closing prices (you can do it easily on the line chart) to eliminate the noise and the wicks that the various waves of panic have brought. JNJ has always been bought up very quickly and the growth has been steady.
Also, the price has respected the 50-month moving average (50EMA) almost flawlessly, and at the moment the trend line and the EMA50 form a single punch and are together in one price zone.
Technical criteria for a significant level of support:
1. Trendline, clearly proven in the long term.
2. The Monthly EMA50 has held nicely.
3. The resistance level that worked for three years in 2017-2020, around $150, will start working as a support level.
4. Short-term channel projection
5. Short-term equal waves from the top: AB=CD
The optimal entry point should stay between $147-$160.
Good luck!
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