The Greedy Trader Weekly Analysis
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Weekly Pattern:Rising Pennant
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Chart Analysis and Chart Pattern Recognition – Bear Flag, Bull Flag, Bearish Pennant and Bullish Pennant.


Bear flag, bull flag, bearish pennant and bullish pennant chart patterns represent brief pauses after sharp moves in a dynamic market. They are considered as most reliable continuation patterns. Flags are characterized as short-term channels slanting against the main trend. Pennants represent short-term triangle formations. Volume is heavy during the sharp move preceding the formation.
Trading technique:
# 1 Flags and pennants present an additional opportunity to enter the dynamic market.
Tips:
# 1
Usually flags and pennants represent short-term pauses technically required to reset overbought/oversold technical indicators and allow further movement. They likely to appear at earlier stages of the larger patterns, when short-term technical indicators are grossly overbought/oversold, but long-term indicators are in the middle range. In a situation when both long and short-term indicators are overbought (oversold), flags and pennants have more chances to become the beginning of a larger formation. Flags and pennants are considered invalid as soon as they break the parent's formation trend line.
# 2 As a continuation pattern, rectangle usually appears within a young trend characterized by neutral long-term indicators and overbought/oversold short-term indicators. Rectangle resets daily CTI to neutral and then continues the movement in parent's direction.
# 3 For the best results, chart patterns should be considered together with other technical analysis signals and technical trading techniques.
Estimated Target: projected support/resistance level of larger trend.

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- 3/15/2024 -
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Johnson & Johnson (JNJ) Technical Analysis

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Summary:
Weekly :
Daily :20 Day Moving Average has crossed above the 50 Day Moving Average
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It was the negative week for the Johnson & Johnson (JNJ). During the week, the JNJ gave back -1.34 points, or -0.84%, and closed at 158.18 on Friday, March 15, 2024. Weekly volume was -38% below average.

Long-term trend: [See JNJ long-term trend chart]
A long-term downtrend had started on April 25, 2022 at 186.69 and reached 144.95 on October 27, 2023. JNJ lost 41.74 points, or 22.36%, in 78 weeks. The chart has formed a Broadening Descending Wedge chart pattern. The trend support level is at 139.11 and resistance is at 170.92. A Broadening Descending Wedge pattern is considered to be a reversal formation. It usually appears in a mature trend, characterized by overbought/oversold long-term and short-term indicators, and often generates divergence on long-term indicators. Use the following link to access a Broadening Descending Wedge chart pattern help, or use a Technical Stock Screener to see the list of stocks with Broadening Descending Wedge pattern in a long-term trend.

Medium-term trend: [See JNJ medium-term trend chart]
A medium-term uptrend had started on October 27, 2023 at 144.95 and reached 163.58 on January 22, 2024. JNJ gained -18.63 points, or -12.85%, in 12 weeks. The chart has formed a Ascending Triangle chart pattern. The trend support level is at 157.65 and resistance is at 163.07. An Ascending Triangle is a variation of triangle formation that has a flat resistance line and rising support line. The higher lows indicate an increasing demand and give the ascending triangle definitive bullish bias. An Ascending Triangle usually represents an accumulation stage in bullish market. An Ascending Triangle is considered to be a continuation pattern, especially in an uptrend, but it may also mark a reversal in a downtrend. Use the following link to access a Ascending Triangle chart pattern help, or use a Technical Stock Screener to see the list of stocks with Ascending Triangle pattern in a medium-term trend.

Weekly Technical Indicators: [See JNJ weekly technical indicators chart]
Weekly technical indicators are neutral.

The weekly MACD line is above its signal line since December 15, 2023. This is an indication that the medium-term trend is up. The distance between MACD and the signal line is low and getting smaller. It indicates that the current medium-term uptrend is getting weak. Use the following link to access a MACD help.

Short-term trend: [See JNJ short-term trend chart]
A short-term downtrend had started on March 12, 2024 at 163.11 and reached 157.10 on March 15, 2024. JNJ lost 6.01 points, or 3.68%, in 3 days. The price is now at the 17.97% retracement level.

Daily Technical Indicators: [See JNJ daily technical indicators chart]
Daily technical indicators are neutral.

The daily MACD line is below its signal line since March 13, 2024. This is an indication that the short-term trend is down. The distance between MACD and the signal line is low, but getting bigger. It indicates that the current short-term downtrend is getting stronger.

During the last week, the 20 Day Moving Average has advanced above the 50 Day Moving Average. Such crossover is considered a bullish signal. The moving average crossover signals work better when the stock develops a strong trend, but they are ineffective when the stock is in a trading range. Moving average crossover systems can be effective, but should be used in conjunction with trend patterns, momentum indicators, candlesticks and other aspects of technical analysis. Use the following links to access Moving Average Crossover trading technique, or use the Technical Stock Screener to see the list of stocks with the Moving Average close to the price level.

Daily Oscillators
Description Value Status Divergence Chart
Relative Strength Index (RSI) 40.41
Williams' Percentage Range (W%R) 68.10
Lane's Stochastic (%D-Slow) 51.61
Greed/Fear Indicator (GFI) 41.32
Moving Average Converg./Diverg. (MACD) 0.50
Weekly Oscillators
Description Value Status Divergence Chart
Relative Strength Index (RSI) 57.96
Williams' Percentage Range (W%R) 29.60
Lane's Stochastic (%D-Slow) 59.40
Greed/Fear Indicator (GFI) 60.70
Moving Average Converg./Diverg. (MACD) -0.53
Trading Signals
Description Value Chart
Yearly Trendline Resistance 170.92
Monthly Trendline Resistance 163.34
Parabolic System 163.27
Quarterly Trendline Resistance 163.07
Upper Bollinger Band 162.93
Weekly Stochastic Crossing 160.37
20 Day Moving Average 160.11
Daily Stochastic Crossing 159.94
50 Day Moving Average 159.63
Monthly Trendline Support 159.60
Price 158.18
Quarterly Trendline Support 157.65
Lower Bollinger Band 156.73
Yearly Trendline Support 139.11
Sector and Industry
Description Name Rank
Sector Health Care 6
Industry Pharmaceuticals 47
Daily Trend
Description Value
Direction Down
Chart Pattern DownTrend
High 163.11
High Date 03/12/2024
Low 157.10
Low Date 03/15/2024
Weekly Trend
Monthly Trend
Description Value
Direction Down
Chart Pattern DownTrend
Status
Resistance
Support
High 163.11
High Date 03/12/2024
Low 157.10
Low Date 03/15/2024
Description Value
Direction Up
Chart Pattern Rising Wedge
Status Broken Support
Resistance 163.34
Support 159.60
Low 154.84
Low Date 02/14/2024
High 163.11
High Date 03/12/2024
Quarterly Trend
Yearly Trend
Description Value
Direction Up
Chart Pattern Ascending Triangle
Status Valid
Resistance 163.07
Support 157.65
Low 144.95
Low Date 10/27/2023
High 163.58
High Date 01/22/2024
Description Value
Direction Down
Chart Pattern Broadening Descending Wedge
Status Valid
Resistance 170.92
Support 139.11
High 186.69
High Date 04/25/2022
Low 144.95
Low Date 10/27/2023
Warning: TheGreedyTrader.com presents weekly analysis. Technical indicators and trend parameters are calculated for the close of business day indicated on the top right corner of the screen.