Johnson & Johnson: Will JNJ Stock Price Propel To $180?

• Johnson & Johnson. (NASDAQ: JNJ) indicates that the JNJ stock price has made a bullish recovery.
• JNJ stock surged 6.57% in the last week
• JNJ stock price jumped 6.07% in a single day.

Johnson & Johnson.’s (NASDAQ: JNJ) price prediction highlights the bullish recovery of the JNJ stock price from its swing low. The JNJ stock price started its year with a decline of 16.68% from the resistance of $181.06. The price tumbled to the support of $150.08 before recovering to the current level. At present, the JNJ stock price has  made a bullish bounce from the support of $157.20

At the time of writing, Johnson & Johnson closed its trading session on Wednesday, 20th July 2023 at $168.38. This marked a bullish jump of 6.07% over the prior day.

Can Johnson & Johnson Reach $181?

Johnson & Johnson’s stock price prediction hints at a potential trend reversal, as the stock price jumped 6% in a single day. With this pump, the JNJ stock price crossed the 200 EMA, signifying bullish sentiments. Also, the market succeeded in breaching the local support of $165.76.

Prior to this, the market witnessed a rejection from the resistance of $165.76 and dumped 4.30% to the support. It was followed by a few sessions of sideways consolidation. The pump witnessed a spike in volume, hinting at aggressive buying. The recent pump was fueled by the earnings report showing strong growth.

Will the JNJ  Stock Price Sustain its Bullish Momentum?

On the 4-hour chart, the JNJ stock price looks extremely bullish. The price followed an uptrend while taking the support of a trendline. With the breakout of the resistance, the chances are high that the price may reach its next resistance at $173.16. The market formed a marubozu candlestick pattern.

This pattern indicates the strength of the bulls and highlights the bullish sentiments of the market. The technical indicators also point to a bullish reversal. It means the JNJ stock price may continue increasing and extending the recovery phase.

RSI

The RSI indicator is currently at 73.10. It represents a strong bullish condition, where the market is oversold. The price may move up aggressively if RSI sustains above 70.

MACD

MACD has made a bullish crossover and the indicator has crossed the 0 line. This means the market is extremely bullish and the price will move up until the MACD makes a bearish crossover.

200 EMA

On the 4-hour chart, the price is trading above the 200 EMA. It indicates that the market is under buy pressure and the buyers are in control. The 200 EMA will act as significant support. The JNJ stock price will continue to move up until it breaks below the indicator.

Conclusion

Johnson & Johnson.’s (NASDAQ: JNJ) price prediction highlights the bullish recovery of the JNJ stock price from its swing low. The recent price action suggests that the market has flipped bullish. The JNJ stock price has also breached the resistance. Technically, the price may move up in the short term. However, the volatility calls for proper risk management.

Technical Levels 

• Support level: $173.16
• Resistance level: $165.76

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