Johnson & Johnson (JNJ) Drops After Vaccine Results, Watch This Level

President & CEO Chief Market Strategist at IntheMoneyStocks.com • Jan 29, 2021 at 11:28 AM EST

Traders should now watch for solid daily chart support around the $154.00 level. This level is where the 50-day moving average is currently located. It is also a level where the stock broke out in early January.

This morning, leading pharmaceutical and health care products company, Johnson & Johnson (JNJ), is falling lower by $6.40 a share to $162.75 a share. The decline comes after the heath-care giant reported that their COVID-19 vaccine candidate was 66% effective overall in preventing moderate to severe COVID-19. In all fairness, Johnson & Johnson stock has been surging recently to new all-time highs. So this looks like a buy the rumor sell the news event.

(Click on image to enlarge)

Disclaimer:

All comments made by InTheMoneyStocks, LLC and its subsidiaries, instructors, and representatives are for educational and informational purposes only and should not be construed as investment advice regarding the purchase or sale of securities, or any other financial instrument of any kind. Please consult with your financial adviser before making an investment decision regarding any securities mentioned herein. InTheMoneyStocks, LLC and its representatives assume no responsibility for your trading and investment results. All information on the website was obtained from sources believed to be reliable., but we do not warrant its completeness or accuracy, or warrant any results from the use of the information. InTheMoneyStocks, LLC, its employees, representatives and affiliated individuals may have a position or effect transactions in the securities herein and or otherwise employ trading strategies that may be consistent or inconsistent with the provided strategies. Trading of any type involves a very high degree of risk. Futures and Options trading are not suitable for all investors. Past results are not indicative of future results. InTheMoneyStocks, LLC, its subsidiaries and all affiliated individuals assume no responsibility for your trading and investment results.