Technical Earnings Preview: Johnson & Johnson near breakout before earnings (TheFlyOnTheWall)
THE FLY 12:58 PM ET 10/16/2017
On a 1-year daily chart, the current price range in place since June is bound largely between $130 and $136. Price is currently near the top of the range. If the news is a strong positive, a move above $136 and above the life high at $137.52 could open up a run to the $140-$142 area, in line with the technical upside range target. If the news is a negative surprise, the following support levels could become downside objectives: $133.48, $131.15, and the range low at $130. If the low of the range were taken out it would be a major technical negative. Next support below would be at $128.45.
