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Johnson & Johnson, Technical Analysis

1/11/2023 10:06 AM

Shares of Johnson & Johnson, one of the world's leading retail holdings, are correcting at 175.00.

On the daily chart, the price moves within a narrow upward channel with dynamic boundaries 174.00–185.00, reaching the support line 175.00 yesterday and preparing for a possible reversal.

On the four-hour chart, the possibility of a decrease is confirmed by forming a local Head and shoulders pattern, the Neckline of which coincides with the support level of the global channel at 173.00. The probability of an upward movement is much lower since the price needs to consolidate above the local maximum of 181.00.

Technical indicators significantly weakened the buy signal: the range of EMA fluctuations on the Alligator indicator narrowed almost completely, and the AO histogram forms downward bars, approaching the transition level.

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