Johnson & Johnson ST: the RSI is overbought

Our pivot point stands at 134.7.

Our preference: the upside prevails as long as 134.7 is support.

Alternative scenario: the downside breakout of 134.7 would call for 131.9 and 130.2.

Comment: the RSI is trading above 70. This could mean that either the stock is in a lasting uptrend or just overbought and that therefore a correction could shape (look for bearish divergence in this case). The MACD is positive and above its signal line. The configuration is positive. Moreover, the stock is trading above both its 20 and 50 day MA (respectively at 133.22 and 132.96). Finally, Johnson & Johnson has crossed above its upper daily Bollinger band (138.99). Johnson & Johnson is currently trading near its 52 week high reached at 141.12 on 17/10/17.

Support and resistances:
150
148.2000
146.5000
140.7900 Last
134.7000
131.9000
130.2000

Updated Time: 18/10/2017 06:08 AM