Johnson and Johnson has completed a corrective ABC wave. Now market is expected to take a new uptrend. Recently the price is at $61 and is expected to reach the $64 target.
Saturday, 7 April 2007
Johnson & Johnson (JNJ)
Johnson and Johnson has completed a corrective ABC wave. Now market is expected to take a new uptrend. Recently the price is at $61 and is expected to reach the $64 target.
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As discussed above, J&J has completed corrective ABC wave. A new uptrend wave has started at 60.75- 61.00 price zone. Market is trading higher and end of Monay closed higher at 63. In near term, it is expected to reach at 63.50 and 64.60.
As discussed before, if you see the chart pattern, JnJ has found support at 61 and and exceeded the target level 64.60. Market touched 65.30 during the trading hour and closed at 64.38.
Take all profits at this point and wait. Now JnJ is consolidating between 65.50 to 64.50. This is also a major 61.8% retracement of previous downtrend(68 - 60). Cash in and wait for the next sinal.
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