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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. Yesterday's price range of $131.33 and $132.52 is within the prior day'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 $131.98, or 9.0% below the average consensus analyst price target of $145.00. The stock should find resistance at its 200-day moving average (MA) of $134.71, as well as support at its 50-day MA of $130.62.

In the past 52 weeks, shares of Johnson&Johnson have traded between a low of $121.00 and a high of $148.99 and closed yesterday at $131.98, which is 9% above that low price. The 200-day and 50-day moving averages have moved 0.05% higher and 0.17% higher over the past week, respectively.

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 am inside day candle Johnson&Johnson

Ticker(s): JNJ