A few days ago the leading healthcare stock Johnson & Johnson (NYSE:JNJ) dropped sharply lower after reporting earnings. The stock lost about 3.0 percent on April 18th, 2017. Many traders and investors are now wondering where this stock will finally find a low and rebound.
The daily chart 200-day moving average is sitting around the $119.00 level. This will be a decent chart support area for a bounce, but if the stock consolidates above the $119.00 level for another week or so traders will have to look lower.
The next major support level for JNJ stock will be around the $116.83 level. This is an area where the stock broke out in February 2017. Often, stocks will retrace back down to the break-out level before moving higher. Either way, JNJ stock should be on traders radar.
