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

By Nick Russo

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Johnson & Johnson (NYSE:JNJ) based on the price action in the company's shares. Yesterday's price range of $117.69 and $118.24 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. Traders and investors interested in shares of Johnson & Johnson may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

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.

Johnson & Johnson (NYSE:JNJ) is currently priced 6.6% above its average consensus analyst price target of $110.19. The stock should discover initial support at its 50-day moving average (MA) of $109.28 and subsequent support at its 200-day MA of $101.66.

In the past 52 weeks, Johnson & Johnson share prices have been bracketed by a low of $81.79 and a high of $126.07 and closed yesterday at $117.95, 44% 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.

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: bullish am inside day candle Johnson & Johnson

Ticker(s): JNJ