Johnson & Johnson rallies - Analysis - 06-09-2018

Johnson & Johnson's stock powered up in the intraday levels after leaning on the support of 133.47, which represents the ratio 50% of Fibonacci retracement levels for a descending wave in the short term (from 148.32 to 118.62), scoring a profit of 1.60% in the last session, or 2.14 points, amid positive support from the 50-day SMA. 

Therefore we expect more gains for the stock, especially if the resistance of 136.97 was breached, targeting the next one at 141.31, which represents the ratio 76.4% of the same retracement levels mentioned above. 

Expected trend for today: Bullish