DOW JONES OVERVIEW: JNJ HOLDS LONG TERM TREND, SHORT TERM RISK
JNJ micro picture currently contradicts macro one.
On long term basis, JNJ has held the test of 10-year trend by falling below and then bouncing back up above the 10-year uptrend border (marked by 1st standard deviation from 10-year mean, now at 91)
On short term basis, however, price has fallen below 1st standard deviations from quarterly (66-day) and 1-year (264-day) means, signaling continued downside probability.
The downside risk remains until the price trades back up above short term risk border, marked by lower 1st standard deviation from 1-year mean (at 97 now)
On long term basis, JNJ has held the test of 10-year trend by falling below and then bouncing back up above the 10-year uptrend border (marked by 1st standard deviation from 10-year mean, now at 91)
On short term basis, however, price has fallen below 1st standard deviations from quarterly (66-day) and 1-year (264-day) means, signaling continued downside probability.
The downside risk remains until the price trades back up above short term risk border, marked by lower 1st standard deviation from 1-year mean (at 97 now)