JNJ trade ideas
JNJ TO $156 or lowerHead and shoulders pattern, closed below neckline, highly recommend entering this trade tomorrow
$JNJ - Head & Shoulder watch 156 possible$JNJ has formed head and shoulder.
If the neckline 161 breaks, we could see 156 before attempt for a reversal.
good case - reverse from 161
bad case - 156
worst case - 150
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How to read my charts?
- Matching color trend lines shows the pattern. Sometimes a chart can have multiple patterns. Each pattern will have matching color trend lines.
- The yellow horizontal lines shows support and resistance areas.
- Fib lines also shows support and resistance areas.
- The dotted white lines shows price projection for breakout or breakdown target.
Disclaimer: Do your own DD. Not an investment advice.
Long JNJ on the EMA bounceon an uptrend , seems to be trying to retest the highs again after bouncing off the 50EMA on daily
JNJ going for ATH retestJNJ is in an ascending triangle pattern. Uptrend has been challenged a couple times and has held its ground every time including its most recent test this past week. This will keep climbing until it retest ATH later this month.
Johnson and Johnson Struggling Below a Historic Resistance The share price appears unable to break out above the historic resistance level at 170.00, which represents a very strong bearish signal.
Moreover, the price action has recently established a broad 1-5 impulse wave pattern, as postulated by the Elliott Wave Theory, as well as having developed an Ascending Wedge. Both of these developments confirm the bearish expectations.
Finally, yesterday's trading session resulted in the creation of a Shooting Star candle, which could be a precursor to an imminent reversal.
Overall, there seems to be a very strong confluence of bearish indications at present.
The 23.6 and 38.2 per cent Fibonacci retracement levels represent the most likely targets for such a dropdown.
Long | JNJNYSE:JNJ \
Possible Scenario: LONG
Evidence: Price Action
TP: 175$
Call options, Strike 175$, 06/18/21
* This is my idea and could be wrong 100%.
Symmetrical Triangle Ascending Triangle173.65 is the long term high.
JNJ has broken free of both triangles, as well as the bollinger bands.
Bollinger bands are set on this chart using an eighty day moving average verses the norm of 20. Price is above the top band today which is bullish, but it is likely that price will return to the inside of the bands.
No recommendation
JNJ 1.272 Fib Ext Target IdentifiedJNJ which is a component of the DOW is scanning on A6 with a short squeeze setup. Using Fib extension 1.272 target, a price target has been identified to be approx $175. This extension was developed using the March 4th and 29th lows and highs, respectively. A6 scanning implies there is news being priced in and perhaps JNJ may announce or report new drug studies that could ignite the price to push toward the 2.618 fib ext which is $186. If this is the case, then JNJ may as well run toward a psych tgt of $200 sometime within the next 14 to 34 trading days.
Declining MACD15m distribution is targeting highlighted support level (4h doji)
Looks like it is setting up a new high on the move but on lower MACD. Then a drop.
