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Johnson & Johnson (JNJ) Breaks Through Support at $74.03

Published on Mon, 02/04/2013 - 10:43
By Peter Chu

Shares of Johnson & Johnson (NYSE:JNJ) opened today below their pivot of $74.23 and have already reached the first level of support at $74.03. Investors may be interested in a cross of the next downside pivot targets of $73.89 and $73.55.

Johnson & Johnson manufactures health care products and provides related services for the consumer, pharmaceutical, and medical devices and diagnostics markets. The Company sells products such as skin and hair care products, acetaminophen products, pharmaceuticals, diagnostic equipment, and surgical equipment in countries located around the world.

In the past 52 weeks, shares of Johnson & Johnson have traded between a low of $61.71 and a high of $74.80 and are now at $73.99, which is 20% above that low price. Over the past week, the 200-day moving average (MA) has gone up 0.4% while the 50-day MA has advanced 0.7%.

Potential upside of 4.9% exists for Johnson & Johnson, based on a current level of $73.99 and analysts' average consensus price target of $77.62. The stock should discover initial support at its 50-day moving average (MA) of $71.22 and subsequent support at its 200-day MA of $68.26.

By Peter Chu