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Johnson & Johnson, Murray Analysis

3/8/2023 2:56 PM

Shares of Johnson & Johnson, one of the world's leading retail holdings, have been trading in a downward trend since the beginning of this year. During this time, the price reversed around the 181.25 mark (Murray level [+2/8]), broke into the lower part of the main Murray trading range and is now close to the level of 153.12 (Murray level [1/8]). Its breakdown will give the prospect of moving to the lower border of the trading range at around 150.00 (Murray level [0/8]) and further into the reversal zone to the levels of 146.88 (Murray level [-1/8]), 143.75 (Murray level [-2/8]). The key for the "bulls" is the mark of 159.38 (Murray level [3/8]), supported by the middle line of the Bollinger Bands, when it is broken out, growth can continue to the area of 162.50 (Murray level [4/8]) and 165.62 (Murray level [5/8]). 

The downward trend continues, as indicated by the downward reversal of the Bollinger Bands, but the Stochastic has reversed upwards, and the MACD histogram is decreasing in the negative zone, which does not exclude the resumption of corrective growth.

Resistance levels: 159.38, 162.50, 165.62. | Support levels: 153.12, 150.00, 146.88, 143.75.

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