Stock of the day: Johnson & Johnson

By Tomasz Wisniewski|

Published: July 05 2024, 09:51 GMT+0

Stock of the day: Johnson & Johnson

On today’s stock of the day, I would like to discuss Johnson & Johnson, which is currently exhibiting a very promising bearish pattern. Despite the positive performance of indices, Johnson & Johnson has been trending lower. The stock has formed a descending triangle pattern, with horizontal support around 143, marked in orange, and a dynamic descending resistance marked in green, connecting lower highs since March this year. Typically, this pattern suggests a potential breakout to the downside.

As price action traders, we need to wait for the confirmation of this pattern before making any moves. If the price breaks below the horizontal orange support and closes a day beneath it, this will signal a sell opportunity. Conversely, if the price bounces off this support and subsequently breaks the green descending resistance, it would indicate a buy signal. Monitoring these key levels is crucial to identify the potential direction of Johnson & Johnson’s stock.

Currently, the bearish sentiment is more likely given the descending triangle’s historical tendency to break to the downside. However, patience is essential, as false breakouts can occur. Let’s observe the market closely and see how this pattern develops in the coming days.

Source: https://www.axiory.com/analytics/stock-of-the-day/stock-of-the-day-johnson-johnson-1

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