Johnson & Johnson suffers from negative pressures - Analysis - 22-05-2018

Johnson & Johnson's stock (JNJ) returned lower in the intraday levels, recording a loss of 0.42% in the last session, or 0.52 points, amid negative pressure from the 50-day SMA, with negative signals from the RSI, piercing thereafter the support of 124.22, which represents the ratio 61.8% of Fibonacci retracement levels for an ascending wave in the medium term (from 94.28 to 148.32). 

Therefore we expect more losses for the stock, as long as it settles below 124.22, targeting the next support at 118.52, which represents the ratio 78.6% of the same retracement levels.