| Scenario | |
|---|---|
| Timeframe | Weekly |
| Recommendation | BUY STOP |
| Entry Point | 152.25 |
| Take Profit | 158.00 |
| Stop Loss | 150.00 |
| Key Levels | 143.30, 148.50, 152.20, 158.00 |
| Alternative scenario | |
|---|---|
| Recommendation | SELL STOP |
| Entry Point | 148.45 |
| Take Profit | 143.30 |
| Stop Loss | 151.00 |
| Key Levels | 143.30, 148.50, 152.20, 158.00 |
Current trend
Securities of the retail holding Johnson & Johnson are trading at 151.00.
The company is making its third attempt to settle lawsuits alleging the use of tainted talc in its baby powder. This time, management is ready to compensate the victims for damages totaling 6.48 billion dollars, and three months are given to agree on a settlement agreement. However, according to some experts, financial claims from plaintiffs could increase to 9.0 billion dollars.
At the end of April, Johnson & Johnson's financial report for the first quarter of 2024 was published, according to which the company's revenue amounted to 21.38 billion dollars after 24.7 billion dollars recorded in the same period a year earlier, against the background of a forecast of 21.4 billion dollars. In turn, earnings per share (EPS) rose to 2.71 dollars from 2.68 dollars in the previous period, while analysts had expected 2.64 dollars.
Support and resistance
On the daily chart, quotes remain near the April high of 152.00.
Technical indicators are in a sell signal state, which is weakening against the backdrop of a local correction: fast EMAs on the Alligator indicator are approaching the signal line, and the AO histogram continues to form corrective bars.
Support levels: 148.50, 143.30.
Resistance levels: 152.20, 158.00.
Trading tips
If the asset continues to grow, and the price consolidates above the resistance level of 152.20, buy positions with a target of 158.00 will be relevant. Stop-loss — 150.00. Implementation time: 7 days and more.
If the asset reverses and continues declining, and the price consolidates below the support level of 148.50, short positions can be opened with the target at 143.30 and stop-loss at 151.00.
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