JNJ pushed above and closed at a new all time high so far this week. WIth the market under some selling pressure on Thursday, JNJ still closed above previous All Time Highs.
If the market was to start taking on a defensive posture, this stock in the Healthcare area could work well in that environment. Healthcare is one of the defensive sectors. The volume has been strong the last two weeks and will probably push to a stronger volume than the last 4 weeks with Friday's action.
Lately Healthcare, Utilities and Consumer Staples have been some of the top performing sectors.
With the Weekly MACD turning up and volume starting to kick in, this stock looks well supported here.Enjoy the weekend.
Good trading,
Greg Schnell, CMT, MFTA
About the author:
Greg Schnell, CMT, MFTA is Chief Technical Analyst at Osprey Strategic specializing in intermarket and commodities analysis. He is also the co-author of Stock Charts For Dummies (Wiley, 2018). Based in Calgary, Greg is a board member of the Canadian Society of Technical Analysts (CSTA) and the chairman of the CSTA Calgary chapter. He is an active member of both the CMT Association and the International Federation of Technical Analysts (IFTA).
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