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Possible Bearish Inside Day Candle Pattern Detected for Johnson&Johnson (NYSE:JNJ)

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Johnson&Johnson (NYSE:JNJ) based on the price action in the company's shares. Today's price range of $143.32 and $143.94 is within yesterday's high and low of the day. This trading action often signifies indecision by bulls and bears to drive prices higher or lower and often implies a possible change in trend. Owners of Johnson&Johnson may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Johnson & Johnson manufactures health care products and provides related services for the consumer, pharmaceutical, and medical devices and diagnostics markets. The Company sells products such as skin and hair care products, acetaminophen products, pharmaceuticals, diagnostic equipment, and surgical equipment in countries located around the world.

In the past 52 weeks, shares of Johnson&Johnson have traded between a low of $109.32 and a high of $145.68 and are now at $143.90, which is 32% above that low price. The 200-day and 50-day moving averages have moved 0.24% higher and 0.60% higher over the past week, respectively.

Johnson&Johnson (NYSE:JNJ) has potential upside of 1.8% based on a current price of $143.90 and analysts' consensus price target of $146.48. The stock should find initial support at its 50-day moving average (MA) of $109.28 and further support at its 200-day MA of $101.66.

SmarTrend is tracking the current trend status for Johnson&Johnson and will alert subscribers who have JNJ in their portfolio or watchlist when shares have changed trend direction.

Keywords: bearish inside day candle Johnson&Johnson

Ticker(s): JNJ