JNJ stock price faced difficulty in surpassing the $175 resistance point and remains confined beneath it. It bears a rejection from the upper trendline break below major key EMAs. Johnson & Johnson shares require an influx of buyers to drive an upward movement toward recovery. Nevertheless, there’s an observed low trading volume. Simultaneously, Johnson & Johnson shares have descended beneath the 50, 100, and 200-day daily moving averages.
JNJ stock price fell -4.49% last week; it declined by -3.14% throughout the month. Furthermore, JNJ shares experienced a rise of roughly 5.39% within the past six months and a decrease of -0.88% over the past year.
Further, the JNJ share price slipped by approximately 6.28% year to date. These trends collectively indicate the challenges faced by Johnson & Johnson shares in their recovery efforts throughout the year. Technical indicators highlight the downside trend of JNJ stock price. Relative strength index showcases and moving average convergence divergence both indicate the slippage of Johnson & Johnson’s share price.
JNJ’s price at present requires substantial support from the buyers in order to make a recovery as it is facing major resistance from the previous resistance points and multiple moving average levels. Buyers are pulling the price action into their grasp, according to the candlestick patterns.
The price may soon attempt to make a bullish recovery. However, as it is trading below the key EMA levels, the buyers will have to face multiple resistance levels in order to attain the target. Buyers are presently making continuous efforts to retake charge of the trend.
Johnson & Johnson stock slipped below neutrality, showing a negative outlook. Overall, the technical indicators and price action suggest that Johnson & Johnson stock is bearish and that the downtrend may continue.
Technical Overview of Johnson & Johnson Stock
Johnson & Johnson stock (NASDAQ: JNJ) is trading below the 50 and 200-day simple moving averages, supporting the price trend. The current value of RSI is 40.40 points. The 14 SMA is above the median line at 55.87 points which indicates that the Johnson & Johnson stock is bearish.
The MACD line at 0.1109 and the signal line at 1.41 are above zero. A bearish crossover is observed in the MACD indicator which signals more bearishness for the JNJ stock price.
Summary
Johnson & Johnson (NASDAQ: JNJ) technical oscillators also support the bearish trend. The MACD, RSI, and EMA are emphasizing negative signs and imply that the downtrend may continue in the JNJ stock price. Johnson & Johnson’s price action suggests that the investors and traders are bearish on the 1-D time frame. The price action reflects a bearish perspective at the moment.
Technical Levels
- Support Levels: Nearest support levels are $158.15 and $163.46
- Resistance Levels: Nearest resistance levels are $168.12 and $176.03
Disclaimer
The analysis provided in this article is for informational and educational purposes only. Do not rely on this information as financial, investment, or trading advice. Investing and trading in stock involves risk. Please assess your situation and risk tolerance before making any investment decisions.
Source: https://www.thecoinrepublic.com/2023/08/25/jnj-stock-johnson-johnson-bullish-or-bearish-outlook-for-2023/