On a Hourly time frame J&J is forming falling parallel channel, security closing below the parallel channel would be an opportunity to enter short or stock closing above the falling parallel channel will be an opportunity to enter long.

The daily RSI (14) is trading with a price conforming to the move and has given a breakout of range trade at lower range indicating that price can break above, yet price has not confirm the move once price confirm the move long can be enter in the security, where else RSI trading between 39-49 range would be an confirmation to enter short with price break down.

Price are trading near the Fast EMA (21) and Slow EMA (50), price need to trade above the EMA for confiming uptrend, on downside price has to trade below the EMA's.

Momentum Indicator MACD (12,26,9) indicating positive trend.

Henceforth a Sell/Long position can be taken once the security close Below/Above the Parallel Lines.

Falling Parallel Channel

May 21 2023