In the aftermath of its powerful upleg from 57.50 (March 16) to 67.37 (May 12), Johnson & Johnson (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.

 

Mike Paulenoff is a 26-year veteran of the financial markets and author of MPTrader.com.