Technical Analysis for Johnson & Johnson Share: Positive Catalysts Supporting Bulls
Johnson & Johnson share is presently trading near the upper line of the classical broadening wedge pattern as seen on the provided daily chart where it stabilizes in the 118.86 levels.
- A harmonic crab pattern is under construction with a confirmation above B point.
- Breaching through the upper line of the classical pattern will add more solidity to the bullish scenario.
- MACD and RSI are positive.
- Prices stabilize above SMA 10, 20 and 50 as well.
- Volumes increases and that gives a reliable signal.
Despite all these signals, but we prefer to buy after additional confirmation with a break above the upper line of the classical pattern.
Technical targets reside at 122.50, 126.00 while the completion of the pattern will be seen at 130.65.
Finally, stop loss should be placed below 117.00 territories.