Technical Earnings Preview: Johnson & Johnson in downtrend before earnings (TheFlyOnTheWall)
THE FLY 12:21 PM ET 7/16/2018
The stock has been in a downtrend since the peak of price in January, with few significant bounces along the way. Ahead of earnings, price did break out of the most recent leg of the downtrend on July 3. If the earnings news or outlook is a positive surprise, we may see an extension of this recovery. Resistance levels to watch as potential upside objectives would be at $127.60, $131.56, and $137. The 52-week high is at $148.32. If the news continues to disappoint, a drop below $123 would mark a resumption of the downtrend. Support levels to watch as potential downside objectives in that event would be at the $120 area, $118.62 which is the 52-week low, $115.21, and the $110 area.
