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.    

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