Johnson & Johnson returns higher - Analysis - 10-08-2018

Johnson & Johnson's stock staved off a decline on the back of a positive pattern that formed in the short term, the Falling Wedge pattern, while settling above the support of 129.79, representing the ratio 38.2% of Fibonacci retracement levels for a descending wave in the short term (from 148.32 to 118.62), scoring thereafter a minute gain of 0.02%, with positive support from the 50-day SMA.

Therefore we expect more gains for the stock, targeting the next resistance of 133.47, as long as the support of 129.79 holds on.