JNJ - Ascending Triangle + Bad NewsI absolutely hate this company.
- Moving averages suggest bullish trend.
- 3rd attempt at major resistance.
- Doji Candle formed = change in trend/momentum.
- "Inside Day" pattern formed = Suggesting a continuation of the current trend. In this situation, it should continue the uptrend for a short period of time until a new pattern/confluence forms.
- However, JNJ can't catch a break regarding its vaccine. Issue after issue...
- Earnings Report - 7/21
This is a patience play. If you like to jump the gun, you could get burned...but with proper risk management, it may be worth the risk.
If you trade options:
Aggressive --> Play the Doji this week. 2 week expiration.
Moderate --> Wait for a few candles to form after today's doji. 1-2 month expiration.
Conservative --> Wait until after earnings. October expiration.
