Johnson & Johnson Stock (JNJ) price is gearing the muscles and showing a massive surge beating the bears on the daily charts. Moreover, the chart shows a massive up-move after the release of Q2 earnings which skyrocketed the stock price from the support of $150 to $170 sharply. Furthermore, JNJ stock on the charts shows massive bullish candles, indicating that mighty investors are active on the counter and are accumulating. The $200 mark may not be far at this rate.
The price action showcases that JNJ stock price has attained momentum over the past sessions and is trading in the bull trajectory. However, sellers covered their short positions due to the ongoing price rally. Moreover, the price has surpassed the major cluster of $165 and suggests a strong chart structure. Buyers are attaining strength and dominating the charts, with a significant volume spike shown on the charts indicating the presence of active buyers.
JNJ stock has a strong upper trajectory of $180, which redirects the stock toward $200 if surpassed. Moreover, the stock is trading above the key moving averages, indicating a solid uptrend.
Johnson & Johnson is a holding company that researches, develops, manufactures, and sells products in the healthcare field. It operates through the following segments: Consumer Health, Pharmaceutical, and MedTech. The Consumer Health segment includes products focused on personal healthcare used in the Skin Health/Beauty, Over-the-Counter medicines, Baby Care, Oral Care, Women’s Health, and Wound Care markets.
The Pharmaceutical segment focuses on therapeutic areas, such as immunology, infectious diseases, neuroscience, oncology, pulmonary hypertension, and cardiovascular and metabolic diseases. The MedTech segment offers products used in interventional solutions. The company was founded by Robert Wood Johnson I, James Wood Johnson, and Edward Mead Johnson Sr. in 1886 and is headquartered in New Brunswick, NJ.
At press time, JNJ stock price is trading at $173.85 with an intraday gain of 0.98% showing bullishness on the charts. Moreover, the trading volume increased by 23% to 45.765 Million. The market cap is $451.831 Billion.
Moreover, analysts maintained a strong buy rating with a yearly target price of $183.83, suggesting a solid short term growth outlook
JNJ Stock Showing Bulls Dominance On Daily Charts
On the daily charts, JNJ stock price showed a massive rebound from the support range of $150 showing strong bullishness on the charts. Moreover, the price surpassed the 61.8% fib level and is close to overtaking the 78.6% level. Moreover, the price is trading near the upper bollinger band, showing massive bullishness in the past sessions.
What Technical Indicators Say?
On the short-term charts, JNJ stock price has filled the gap and is looking to surpass the resistance mark of $175.
The RSI curve is in the overbought zone and formed a positive divergence indicating bullishness on the charts. The bars have disappeared on the MACD and the bullish crossover could appear in the following sessions.
Conclusion
Johnson & Johnson’s (JNJ stock) price is showing bullishness on the charts and is ready to surpass the $175 mark, which opens the door toward $200 for the following sessions. Moreover, buyers have attained strength and continue to lift the gains for the past sessions.
Technical Levels
Support Levels: $165 and $150
Resistance Levels: $175 and $185
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer. His backend knowledge about blockchain helps him give a unique perspective to his writing
Source: https://www.thecoinrepublic.com/2023/08/12/jnj-stock-nyse-jnj-price-is-loading-up-for-the-200-level/