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

By James Quinn

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 $148.50 and $149.00 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.

Based on a current price of $149.90, Johnson&Johnson is currently 3.3% above its average consensus analyst price target of $145.00. Johnson&Johnson shares have support at the 50-day moving average (MA) of $140.94 and additional support at the 200-day MA of $135.93.

In the past 52 weeks, shares of Johnson&Johnson have traded between a low of $125.00 and a high of $149.41 and closed yesterday at $149.90, which is 20% above that low price. In the last five trading sessions, the 50-day moving average (MA) has climbed 0.5% while the 200-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 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 am inside day candle Johnson&Johnson

Ticker(s): JNJ