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Johnson & Johnson, Technical Analysis

9/2/2022 11:35 AM

The shares of Johnson & Johnson, one of the world's leading retail holdings, are correcting at 165.00.

On the daily chart of the asset, the price is moving within the global downward channel with dynamic boundaries 160.00–176.00 and, having bounced off the support line, is trying to consolidate in the uptrend.

The 4-hour chart of the asset shows that the channel support line is below the 100.0% underlying trend of the Fibonacci extension at 163.00, indicating a valid sell signal. The proximity of another level, 61.8% Fibonacci extension around 170.70, does not exclude the possibility of a slight upward correction.

Technically, the indicators signal in favor of the continuation of the decline: fast EMAs on the Alligator indicator are moving away from the signal line, and the AO oscillator histogram is falling in the sell zone, forming downward bars.

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