Johnson & Johnson

JNJ is in Stage 3 distribution within a long-term uptrend, but medium-term bias has turned bearish following a Blow-Off Top and emerging lower highs and lows. Short-term timing now favors bearish execution as price is capped at the 9/21 EMA resistance after an extended rally. Under the Stable strategy, we avoid chasing strength and focus on selling into dynamic resistance zones.

• ↑Q1 revenue $24.1 B (+6.4% YoY); Innovative Medicines +7.4%, MedTech +4.6%
• ↑Icotide reached 1,500+ prescriptions, boosting psoriasis market share
• ↓Stellara expected to follow Humira’s erosion curve, pressuring immunology sales