Leading pharmaceutical giant, Johnson & Johnson (JNJ), is breaking below its important 200-day moving average today. The stock has been steadily declining since August 20th, 2021. At that time, Johnson & Johnson (JNJ) stock made a new all time high at $179.92 a share. Since that peak, the shares have dropped sharply and currently trade at $164.43 a share. Many of the leading pharmaceutical stocks have been falling recently on the back of a lot of political news regarding drug pricing.
The next major chart support level for Johnson & Johnson (JNJ) stock will be around the $157.00 level. This important support level is where the stock broke out of a multi-month choppy sideways range from early 2021. Often, when a sideways base will test its breakout pivot it will be excellent chart support. This is a level where the institutional crowd will generally step in and defend the equity.
Get EVERY trade Nick is taking with his members right here…
Get all of Nick’s OPTIONS Swing Trades Here <<>> Get all of Nick’s STOCK Swing Trades Here