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In last week’s Dow Thirty report, JC Parets and his team at Eagle Bay Capital analyzed Johnson & Johnson (NYSE: JNJ) from a technical standpoint.
From examining the above chart, Parets says that Johnson & Johnson, structurally, has experienced one of the greatest uptrends in the Dow. "The bearish momentum divergence at recent highs,” however, has led his team to maintain a more neutral standpoint.
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Parets breaks it down further: “A break of the uptrend line from 2012 gave us downside targets in the mid-90s, which was support last year and resistance in 2013. If momentum breaks out above this downtrend line, it would be a positive. Below the 2012 uptrend line and I want nothing to do with it, particularly with momentum putting in bearish divergences. Relative strength also broke down below this 2-year range. I still don't like this and would continue to approach this more tactically."
The report continues: "When bullish patterns resolve negatively, the market is telling us that larger forces are at work, and that in fact a short-position on a breakdown below the lower of the two trendlines would make a great trade.
"Our downside target near 99 was hit in February," Parets added.
"This was based on support last summer and 38.2% Fibonacci retracement of the 2014 rally. I would still maintain a more neutral stance now, especially below a flat 200 day moving average. A bearish development would be a break of recent lows that would take prices down under 96 based on October support and former resistance early last year," he concluded.
See more from Benzinga © 2015 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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Dajin Resources Corp.
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CODE : DJI.V |
ISIN : CA2340671064 |
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Dajin Res. est une société basée au Canada. Dajin Res. détient divers projets d'exploration au Canada. Ses principaux projets en exploration sont ADDIE 1, ADDIE 2 et COWTRAIL au Canada. Dajin Res. est cotée au Canada. Sa capitalisation boursière aujourd'hui est 103,0 millions CA$ (82,4 millions US$, 72,2 millions €). La valeur de son action a atteint son plus bas niveau récent le 15 mai 2020 à 0,02 CA$, et son plus haut niveau récent le 03 décembre 2021 à 1,13 CA$. Dajin Res. possède 137 360 000 actions en circulation. |