Johnson & Johnson in a free fall - Analysis - 31-01-2023

Johnson & Johnson's stock (JNJ) skidded in the intraday levels after the Wall Street Journal said the US Appeals Court refused its consumer products suit, sending its stock down 3.70% in the last session, or 6.23 points, settling at 162.00, with trading volumes surpassing 23.2 million shares, above 10-day averages of 9 million shares. 

Technically, the stock suffers from the dominance of the downward correctional trend in the short term, with negative pressure from the 50-day SMA, countered with positive signals from the RSI after reaching oversold levels. 

Therefore we expect more losses for the stock, targeting the first support at 159.18, provided it settles below 167.70. 

Expected trend for today: Bearish