Johnson & Johnson Is Breaking Below Its Important 200-Day Moving Average
Leading pharmaceutical giant, Johnson & Johnson (JNJ), is breaking below its important 200-day moving average today. The stock has been steadily declining since August 20th, 2021. At that time, Johnson & Johnson stock made a new all-time high at $179.92 a share. Since that peak, the shares have dropped sharply and currently trade at $164.43 a share. Many of the leading pharmaceutical stocks have been falling recently on the back of a lot of political news regarding drug pricing.
The next major chart support level for Johnson & Johnson stock will be around the $157.00 level. This important support level is where the stock broke out of a multi-month choppy sideways range from early 2021. Often, when a sideways base will test its breakout pivot it will be excellent chart support. This is a level where the institutional crowd will generally step in and defend the equity.
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 ...
more
Comments
