Johnson & Johnson's stock slipped in the intraday levels, with losses curbed by positive support from the 50-day SMA, while the Relative Strength Index reached extremely oversold levels compared to the stock's movements, as a positive pattern formed in the short term, the Falling Wedge pattern, marking thereafter a loss of 0.41% in the last session, or 0.53 points, as the stock seeks a bottom to bounce it higher and lend it positive momentum.

Therefore we expect the stock to return higher, provided it first settles back above 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), targeting the next resistance at 133.47, which represents the ratio 50%.