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Johnson & Johnson, Technical Analysis

11/24/2022 11:00 AM

Shares of Johnson & Johnson, one of the world's leading retail holdings, correct at 177.00.

On the daily chart, the price has left the wide downward channel with dynamic boundaries 174.00–153.00, having confidently consolidated above the resistance line at 174.00.

On a four-hour chart, the quotes of the trading instrument are held above a complete correction of 61.8% Fibonacci around 176.00, which indicates a possible end of the corrective movement and the transition to the stage of a full-fledged uptrend. However, if the price returns to the channel, the decline may continue to the 50.0% intermediate correction level at 173.00.

Technical indicators keep a stable buy signal: fast EMAs on the Alligator indicator are moving away from the signal line, and the AO oscillator histogram is forming new rising bars, rising in the buying zone.

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