Here’s One Way To Set A Price Target
Johnson & Johnson (JNJ)
reported a profit of 78 cents a share and raised its outlook for the
full year this morning. The average estimate of analysts was for a profit of 76
cents a share.Â
10:53:32
(From TradersWire)
Â
Johnson & Johnson (JNJ)
is attempting to move above 56. JNJ is up 59 cents at 55.95.
Why is 56 important? It is the 38.2% Fibonacci level (10/6/04 high – 10/11/04
low). Also it is close to the October 8 high. Shortly after 11:00 AM, the issue
broke out, and it provided us a buy opportunity. You can use Fibonacci levels to
set your price targets.
Have a nice afternoon session.
If you have questions, feel free to mail them to me.