Johnson & Johnson erases early gains - Analysis - 25-01-2023

Johnson & Johnson's stock (JNJ) closed flat after reporting forecast-beating profits but didn't forecast its earnings and full yea profits, with the stock becoming extremely volatile before closing flat  at 168.31, with trading volumes above 10.5 million shares, surpassing 10-day averages of 7 million shares. 

Technically, the stock was exposed to negative pressure after touching the resistance of the 50-day SMA, amid the dominance of the downward correctional short-term wave, while the RSI reached oversold levels. 

Therefore we expect the stock to decline and target the pivotal support of 159.20, provided the current support of 167.60 holds on.

Expected trend for today: Bearish