Johnson & Johnson
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Ichimoku Watch: Johnson & Johnson Eyeing Possible Breakout

Upcoming Earnings:

Johnson & Johnson (ticker: JNJ) is scheduled to report earnings before the market opens today. The consensus Earnings Per Share (EPS) estimate for the fiscal quarter ending June 2024 is $2.71. The reported EPS for the same quarter last year was $2.80.

Breakout Above Cloud?

The daily chart of Johnson & Johnson shows that this stock has been working with a downtrend since forging an all-time high of $186.69. However, price has struggled to get through $145.00 support since October 2023 and we have recently seen price drive into the upper boundary of the Ichimoku Cloud, made up of the Leading Span B (light orange at $149.30) and the Leading Span A (light green at $147.60). A price break above the upper limit of the Ichimoku Cloud would be considered a bullish signal.

Adding weight to a possible move higher is the Conversion Line (blue at $147.80) crossing above the Base Line (red at $147.50) on 11 July, and price movement trading below its Lagging Span (green at $151.01).

Price Direction?

With the Ichimoku Indicator suggesting a possible breakout higher beyond the Ichimoku Cloud, this could trigger a wave of follow-through buying towards the May top of $154.86.
ichimoku_traderTechnical IndicatorsSupport and Resistance

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