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

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.

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. Often, prior breakout levels are very good support when they are backtested.

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