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Johnson & Johnson Murrey Analysis

3/28/2023 2:50 PM

The share price of Johnson & Johnson, one of the world's leading retail holdings, has gone from the upper pivot zone to the lower limit of Murrey's main trading range at 150.00 (Murrey's [0/8] level), which could be the endpoint for the decline.

Currently, the quotes are trying to grow and have already risen above 153.12 (Murrey level [1/8]), supported by the middle line of Bollinger bands. The pivot level 156.25 (Murrey level [2/8]) is the key “bullish” one. If it breaks upwards, it may cause an increase to 162.50 (Murrey level [4/8]), and 168.75 (Murrey level [6/8]). The most key “bearish” level is 150.00, consolidation below which will give the prospect of continued decline to 146.88 (Murrey level [–1/8]) and 143.75 (Murrey level [–2/8]).

Technical indicators reflect an attempt to change the direction of the current trend: Bollinger bands move to a horizontal movement after the decline, the MACD histogram is decreasing in the negative zone, and Stochastic is reversing upwards.


Resistance levels: 156.25, 162.50, 168.75. | Support levels: 150.00, 146.88, 143.75.

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