Nov. 21 at 2:05 AM
$JNJ is currently trading at
$203.64, near its 60D high of
$204.51, indicating strong upward momentum. The RSI at 82.81 suggests that the stock is overbought, which may lead to a price correction or consolidation. The MA30 at
$191.94 and MA50 at
$187.77 are significantly lower than the current price, reinforcing the idea of potential pullback as the price is well above these moving averages.
Given the market context, a bearish bias is warranted due to the overbought RSI and proximity to the recent high.
Suggested trade plan:
- Entry: Consider shorting at
$203.00.
- Stop: Set a stop-loss at
$206.00 to limit potential losses.
- Targets: First target at
$198.00 (near MA30), second target at
$195.00.
Monitor for any reversal signals as price approaches targets.
https://privateprofiteers.com
