Johnson & Johnson (JNJ) Closes Prior Hour Up 0.38%; Morning Star Pattern Appearing on Chart, Nears 50 Day Moving Average, Breaks Above 20 and 100 Day Averages

The Hourly View for JNJ

Last Updated October 6, 2020, 01:06 GMT

At the moment, JNJ’s price is up $0.45 (0.31%) from the hour prior. JNJ has seen its price go up 4 out of the past 5 hours, thus creating some compelling opportunities for bulls. As for the trend on the hourly timeframe, we see the clearest trend on the 50 hour timeframe. Of note is that the 20 hour changed directions on JNJ; it is now pointing up. The moving averages on the hourly timeframe suggest a bearishness in price, as the 20, 50 and 100 are all in a bearish alignment — meaning the shorter duration moving averages are below the longer duration averages, implying a stable downward trend.

Johnson & Johnson Daily Price Recap

148.23 was the closing price of the day for Johnson & Johnson, resulting in today being one in which price moved up 1.36% ($1.99) from the day prior. This move happened on lower volume, as yesterday’s volume was down 16.16% from the day before — and down 16.36% 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 above its 20 and 100 day moving averages yesterday. Trend traders will want to observe that the strongest trend appears on the 30 day horizon; over that time period, price has been moving down. Or to view things another way, note that out of the past 10 days Johnson & Johnson’s price has gone up 6 them. And for candlestick traders, a special treat: there is a morning star pattern showing up on the charts as well. Rejoice!

Overheard Around the Web

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

    $SPY $BABA $JNJ $NIO $NKE
    BABA – inverted hammer forming and good bounced off the 286 region. Could consolidate around the mid 290s until it breaks the pendant. I would play a debit spread around 286 to 290. However if you are feeling risky 290 +. Bull put spread works as well. Best debit spread is 285-287.50 off support.

    JNJ- Strong support around 145 and usually bounces around 146-148. If I would to play this week possibly a bull put spread at 145 to 147 by expiration.

    NIO- Looking good I believe this could trend nicely if the ev sector continues. 23 PT then 25PT to fill the trendline gap. I would play a bullput spread off 20 to 23 or maybe a debit spread as well from 20-23.
    NKE- Seems to be trending nicely around 126 range from earnings consolidation. Second level of support around 124. Possibly can hit 130 top line resistance. If I would to play this bull put spread from 124/126 to 128/130 by expiration or a debit spread at 124-128 personally.

    WayCallsOptions