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Johnson & Johnson, Technical Analysis
12/27/2022 10:05 AMThe shares of Johnson & Johnson, one of the world's leading retail holdings, correct at 177.00.
On the daily chart, the price is within a narrow rising channel with dynamic boundaries 176.00–185.00, having reached the support line at 175.00 yesterday and is preparing for a possible reversal.
On a four-hour chart, a new upward wave will be able to start a correction only if it fully consolidates above the local high at 178.00, after which it will become possible to reach the mid-June high at 183.00. The probability of a decline is not excluded, but the quotes need to consolidate below the channel's support line around 175.00.
Technical indicators keep a buy signal, not excluding a correction: the EMA fluctuation range on the Alligator indicator narrows, and the AO histogram forms downward bars in the buying zone.
