After Yesterday's Rally of 1.38% Shares Could Potentially Pullback
Johnson & Johnson (NYSE:JNJ) traded in a range yesterday that spanned from a low of $121.34 to a high of $123.23. Yesterday, the shares gained 1.4%, which took the trading range above the 3-day high of $121.54 on volume of 4.4 million shares. Often times after large one-day gains, short term traders will seek to take profits and, as such, investors should be cautious.
Over the past year, Johnson & Johnson has traded in a range of $81.79 to $123.23 and is now at $122.89, 50% above that low. Over the past week, the 200-day moving average (MA) has gone up 0.2% while the 50-day MA has advanced 0.6%.
SmarTrend recommended that subscribers consider buying shares of Johnson & Johnson on January 28th, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $102.45. Since that recommendation, shares of Johnson & Johnson have risen 18.4%. We continue to monitor JNJ for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.
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