The bullish sentiment for Johnson & Johnson (US: JNJ) is especially strong after it breaks the main resistance of 144.98 in 20^th Dec 2019. Based on the technicals, the stock will continue to rally beyond 150.00.

1. The break above 144.98 in Dec 2019 has propelled the stock in a renewed bullish trend by forming a series of higher highs and higher low.
2. Bullish flag formation indicates that there’s a possibility of a continuation bullish sentiment.
3. Bullish pin bar rejecting the 23.8% of the Fibonacci retracement of 129.70-147.84 and the demand zone indicates a strong bullish sentiment ahead.
4. Volume indicates renewed buying action after it shows a rebound.
5. Both 22 and 50 SMA crosses above the long term 200 SMA, signify a strong continuation of the bullish trend.

*Timeline of the technical call for JNJ is between 1-2 weeks.

*The resistance level at 144.98 remains a strong resistance and should it be broken; the confidence of a bullish rally will be ensured.

CHART LEGENDS

Bollinger bands

Standard deviation = 2

Red dotted line = Upper Bollinger band

Blue dotted line = Middle Bollinger band

Green dotted line = Lower Bollinger band