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

By Nick Russo

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 $138.07 and $138.66 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 has overhead space with shares priced $138.07, or 4.8% below the average consensus analyst price target of $145.00. The stock should find initial support at its 50-day moving average (MA) of $136.66 and further support at its 200-day MA of $135.45.

Over the past year, Johnson&Johnson has traded in a range of $118.62 to $148.99 and is now at $138.07, 16% above that low. Over the past week, the 200-day moving average (MA) has gone up 0.2% while the 50-day MA has remained constant.

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.

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