JNJ in Bullish Consolidation (by Mike Paulenoff)

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In the aftermath of its powerful upleg from 57.50 (Mar 16) to 67.37 (May 12), Johnson & Johnson (NYSE: JNJ) has carved out a high-level, bullish consolidation pattern that is nearing completion ahead of the start of a new upleg that should propel prices to new highs projected to 70.00 initially. A climb that sustains above 66.59 will confirm the upside breakout, while a decline that breaks the prior pivot low at 65.28 will compromise the developing bullish pattern.

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Originally published on MPTrader.com.