Johnson & Johnson (JNJ) Closes Last Hour Down $-0.28; Price Base in Formation Over Past 30 Days, Breaks Below 20 Day Average, Moves Down For the 3rd Day In A Row

The Hourly View for JNJ

Last Updated October 16, 2020, 02:014 GMT

At the time of this writing, JNJ’s price is down $-1.11 (-0.75%) from the hour prior. This is the 2nd consecutive hour JNJ has seen its price head down. Regarding the trend, note that the strongest trend exists on the 20 hour timeframe. The moving averages on the hourly timeframe suggest a choppiness in price, as the are all in a mixed alignment — meaning the trend across timeframes is inconsistent, indicating a potential opportunity for rangebound traders.

Johnson & Johnson Daily Price Recap

Johnson & Johnson is down 0.61% ($0.91) since yesterday, marking the 3rd day in a row a decrease has occurred. The price move occurred on volume that was down 22.65% from the day prior, but up 16.51% from the same day the week before. Below is a daily price chart of Johnson & Johnson.

JNJ

Johnson & Johnson Technical Analysis

First things first: Johnson & Johnson crossed below its 20 day moving average yesterday. Trend traders will want to observe that the strongest trend appears on the 90 day horizon; over that time period, price has been moving up. Price action traders in particular will want to note that the 30 day period appears to show price forming a base; this could indicate that a support/resistance level is developing. Or to view things another way, note that out of the past 30 days Johnson & Johnson’s price has gone up 15 them.

Overheard Around the Web

Over on StockTwits, here’s an example of what they’re saying about JNJ:

    $FSL $JNJ $KDP

    FSLY- Could break down to $83 trend line support and maybe a bounce. Play to first level of $87 and it can consolidate above $87 then can reach to $100 for a possible bounce play near term but below $83 then it can be a huge gap down to possibly $78 as the first target.

    JNJ – testing the trendline support a break below $147 can break down to 145 range but 146 will tested I believe today. Potential put play coupled with the bad news and market conditions.

    KDP- Interesting chart and above the trendline resistance. This can possibly test the $30 resistance and gap up to $32 with volume within the next few days. It can make a U shape breakout or possible a cup and handle. If it is a cup and handle then most likely trend down near the low 29 range. U shape breakout.

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