Hubert Senters here.
Let’s take a look at the price action on JNJ, Johnson & Johnson. Boring but effective ladies and gentlemen. It is making a nice move. It pulled back into the turning line. So where is the next support area going to be? Well, it could very well be $151 but it may retrace a little bit more than that so.
Let’s mark up this chart like an old school blackboard with white ink. You can see this is resistance. In the past it’s a little area right here. It got through that and then it sold off back into the turning line. Now, second place it can go to will be halfway between the yellow and the purple which is halfway between the turning and the standard.
Another way I like to look at it is let’s where we’ve got on Fibonacci retracement. What we’re going to do here is I’m going to go from this low to that high and as you can see that’s going to merry up right there with the standard line.
So there’s three different areas that you need to be looking more if you’re thinking about buying Johnson & Johnson on a pullback right here as it’s trading today $151.39. And then right here in this area which we’re going to say up in the line in a second.
Just call it the second one. And then we’ve got $133 which is the 50 percent retracement and the turning line or the standard line. Halfway in between those two creatures right there so we’ve got pullback to $151, $142 or $133.
Those are your areas that look like they’ve got some support for a decent buy in JNJ. I’m going to be doing a special webinar next week on ‘Why the Rich are getting richer: And how you can copy what they’re doing.’ It’s going to take place Wednesday, May 6th at 1PM EST. You’re not doing anything at 1PM next Wednesday you’re still stuck at the house so register for the webinar and I’ll see you then.
Good luck. Hope it helps. See you on the next video.
Hubert.
