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

By David Diaz

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 $148.53 and $149.00 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.

Based on a current price of $148.74, Johnson&Johnson is currently 2.5% above its average consensus analyst price target of $145.00. The stock should discover initial support at its 50-day moving average (MA) of $140.58 and subsequent support at its 200-day MA of $135.87.

In the past 52 weeks, Johnson&Johnson share prices have been bracketed by a low of $125.00 and a high of $149.41 and are now at $148.74, 19% above that low price. In the last five trading sessions, the 50-day moving average (MA) has climbed 1.1% while the 200-day MA has risen 0.2%.

SmarTrend recommended that subscribers consider buying shares of Johnson&Johnson on October 17th, 2019 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $136.27. Since that recommendation, shares of Johnson&Johnson have risen 9.5%. We continue to monitor JNJ for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish inside day candle Johnson&Johnson

Ticker(s): JNJ