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Johnson & Johnson, Technical Analysis

11/16/2022 11:28 AM

The shares of Johnson & Johnson, one of the world's leading retail holdings, correct at 171.90.

On the daily chart, the price is holding within a narrow downward channel with dynamic boundaries 167.00–173.00, preparing to continue the corrective decline.

The four-hour chart shows that this corridor can be realized as a Triple top reversal pattern aimed to work out around the initial correction level of 23.6% Fibonacci around 165.00. If the pattern does not work, the uptrend will continue, and the instrument will overcome the Fibonacci 61.8% retracement level at 176.10.

At the moment, fast EMAs on the Alligator indicator are approaching the signal line, and the AO oscillator histogram is forming downward bars, heading towards the transition level.

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