Johnson & Johnson’s share price hedged the volatility in the live market session due to range bound trading. Both sellers and buyers are present here but at first seem weaker than the bulls. NYSE:JNJ stock price has been outperforming since its in-demand zone, resulting in a market capitalization of $453.5 billion, reported in a November 17 letter.
On November 18, Johnson & Johnson Corporation released its third quarter earnings and revenue to the market. In this report, revenue increased by 1.94% to 23.79 billion, and a 21.5% increase in net income impressed the market bulls. Afterall Digital Assets registered a growth of 6.49% in the month of October. As of now, the buyers are pulling the third strong green candle on the monthly chart.
Although, on 17 November, investors were struggling with slight weakness in the market. The Dow Jones was red 0.02% at 33,546, which was not a major drop. Notably the S&P 500 and Nasdaq both declined over 0.30%. Despite the fact, buyers successfully closed Johnson and Johnson stock price in green by 0.81% at $174.86 mark.
Technical Analysis of JNJ stock price
As per daily time frame, Johnson and Johnson stock price fluctuates under the narrow horizontal range of $168 to $175 support to resistance. The immediate support is not reliable for long-term but the $175 level stood to be a key resistance and buyers often got rejections at this point.
Although trading volume is decreasing amid a positive season, last night it reported 4.46 Million fell from 5.501 million. Bulls must make new longs for improve the Johnson and johnson stock price above resistance.
On the daily price chart, buyers are keeping JNJ stock price above the 200-day EMA, acting like a pumping zone. Moreover, the RSI indicator took a support at the half-line (50 point) and turned towards the overbought zone.
Conclusion
Johnson & Johnson’s share price performed substantially in October. If the buyers flip the $175 level as support, there are chances of decent returns this month. Ultimately the traditional indicators favor the bullish market of NYSE: JNJ share price.
Support level – $168 and $155
Resistance level – $175 and $200
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
Source: https://www.thecoinrepublic.com/2022/11/18/johnson-johnson-stock-price-is-going-to-pop-up-higher-preference-product-or-stock/