JOHNSON & JOHNSON PULL BACK TO SUPPORT OF ITS TRIANGLE-LONG
J&J STOCK, AFTER BREAKS UP A TRIANGLE PATTERN IS PULLING BACK TO SUPPORT AT 137.25, WHICH GIVE A GOOD OPPORTUNITY TO ENTER .
I AM EXPECTING THE STOCK HOLDS AT SUPPORT AND BOUNCE. THE INITIAL TARGET COULD BE 145, WHICH IS THE 200% OF FIBONACCI EXTENSION OF THE PREVIOUS LOW.
HOWEVER, THE TRIANGLE CALL FOR A LONG TERM TARGET OF 151-152 MINIMUM.
IF THE STOCK PRICE BREAKS SUPPORT DOWN FOR A GOOD MARGIN, THE STOP LOSS IS SET UP AT 134.
THIS ANALYSIS IS FOR EDUCATION PURPOSES.
GOOD LUCK!!!!
https://www.tradingview.com/chart/U22Zlu0v/#
I AM EXPECTING THE STOCK HOLDS AT SUPPORT AND BOUNCE. THE INITIAL TARGET COULD BE 145, WHICH IS THE 200% OF FIBONACCI EXTENSION OF THE PREVIOUS LOW.
HOWEVER, THE TRIANGLE CALL FOR A LONG TERM TARGET OF 151-152 MINIMUM.
IF THE STOCK PRICE BREAKS SUPPORT DOWN FOR A GOOD MARGIN, THE STOP LOSS IS SET UP AT 134.
THIS ANALYSIS IS FOR EDUCATION PURPOSES.
GOOD LUCK!!!!
https://www.tradingview.com/chart/U22Zlu0v/#
Comment:
Stock reach 143.80 at the high, quiet close to the target. It is better to close the position, because J&J made three attempt around this amount and bounce back.