Long term chart reveal an incredibly clean ascending triangle with resistance at 70 going back to the beginning of 2005. Technically, this one is calling for higher highs, but fundamentally, as a retailer, I can't possibly see this happening in this economy. Thoughts?
Johnson and Johnson is one of the best looking stocks in the entire market right now, definatly agree with that. As to your thoughs that the economy could stand in the way of JNJ doing well, typically in a bearish economy drug stocks are one of the safest places to have your money. If you look at the markets over the last several weeks the best places to have your money have been in healthcare, biotech etc.
April 20, 2009 11:17 AM EDT Wachovia upgrades Johnson & Johnson (NYSE: JNJ) to Outperform. Valuation Range: $60 to $62 Wachovia analyst says, "Although we believe growth in 2009 will be depressed due to the patent expirations and currency (-5% impact on sales), we expect growth to accelerate in 2010. We model a CAGR for sales and EPS between 2009-2013 of 5.1% and 8.9%, respectively, which compares favorably with the 1.9% and 6.2% reported for 2006-2009. The improvement is mainly driven by the Pharmaceutical division which accounts for about 36% of total sales." http://www.streetinsider.com/Upgrad...ating+Top+and+Bottom+Line+Growth/4572513.html