JNJ finds buyers again around 137.84
Johnson & Johnson (JNJ) Technical Analysis Report for Jun 30, 2020 | by Techniquant Editorial Team
Moving higher for the 2nd day in a row, JNJ ended the month -5.46% lower at 140.63 after gaining $1.59 (1.14%) today, slightly outperforming the Dow Indu. (0.85%). Trading up to $1.56 lower after the open, the market managed to reverse during the session as bulls took control ending the day above its opening price. Closing above Monday's high at 139.70, the stock confirmed its breakout through the previous session high after trading up to $1.32 above it intraday.
Daily Candlestick Chart (JNJ as at Jun 30, 2020):
Tuesday's trading range has been $3.18 (2.28%), that's slightly above the last trading month's daily average range of $2.94. Things look different on the weekly timeframe, where the market's trading range of the last week has been slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for JNJ.
In a volatile session, prices traded above the prior day's high as well as below the previous day's low, forming a bullish Outside Bar.
The share managed to close back above the 200-day moving average at 140.45 for the first time since June 23rd. When this moving average was crossed above the last time on April 6th, JNJ actually lost -1.63% on the following trading day. After having been unable to move lower than 137.98 in the prior session, Johnson & Johnson found buyers again around the same price level today at 137.84.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
Among the eight market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Bullish Break through SMA 200" stand out. Its common bullish interpretation has been confirmed for Johnson & Johnson. Out of 46 times, JNJ closed higher 56.52% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the long side has been after 10 trading days, showing a win rate of 65.22% with an average market move of 0.19%.