Economies.com provides the latest technical analysis and forecast of the american stocks, in order to keep track of the trend of the US stocks.
Johnson & Johnson's stock (JNJ) fell in the intraday levels, recording a loss of 1.20% in the last session, or 1.50 points, and piercing the support of 124.22, which represents the ratio 61.8% of Fibonacci retracement levels for an ascending wage in the medium term (from 94.28 to 148.32), with negative pressure from the 50-day SMA, coupled with negative signals from the Relative Strength Index, after reaching extremely overbought levels compared to the stock's movements.
Therefore we expect more losses for the stock, as long as it settles below 124.22, targeting the next and final support at 118.52, which represents the ratio 78.6% of the same retracement levels.