GE, JNJ & MSFT

This is another Trendy Stock Charts quick hits article. The purpose of a quick hits article is to really take a peek and check on the progress of a previous analysis for the stock. This quick hits update will cover the ticker symbols GE, JNJ & MSFT. Those ticker symbols are for General Electric, Johnson & Johnson and Microsoft, respectively.

So let’s check in on the activity for 3 previous companies I’ve written about – GE, JNJ & MSFT. The links for each previous article are provided below. Therefore, the original full-length content and price projections can be reviewed.

General Electric (GE)

The first update is for General Electric (GE). Its previous full-length article was titled “4/2/2017 – General Electric (GE) Stock Chart Review“.

General Electric (GE) may have recently completed a complex Double Zig-Zag wave pattern. These patterns are one of the more difficult patterns to analyze real-time. But GE’s appears to have just recently completed, as I’ve illustrated on this next 2 year weekly candlestick chart.

The reason I indicate that General Electric’s downtrend is over and a new uptrend is about to begin is because of the[s2If !current_user_can(access_s2member_level1)]……

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I discuss the reasons why General Electric is reversing back into an uptrend as well as updated price targets for Johnson & Johnson (JNJ) and Microsoft (MSFT).

If you are not a Trendy Stock Charts member, consider joining today! There are several different subscription plans available.[/s2If][s2If current_user_can(access_s2member_level1)] Rising Window candlestick pattern. that developed just last week. This bullish candlestick pattern developed on really nice buying volume as I’ve indicated by the black arrow.

The $30 overhead resistance trendline is now in play as the next upside price target. If that resistance area is broken, look towards the previous high of $33 as the next target.

Any pullback towards the support area from last weeks Rising Window candlestick pattern is an opportunity to make a second scale-in purchase of shares to go long. Yes, I said second purchase. Make your first scale-in purchase tomorrow if you haven’t already. The $28.50 area looks like a decent entry point to place a bid.

Johnson & Johnson (JNJ)

The next update is for Johnson & Johnson (JNJ). Its previous full-length article was titled “4/19/2017 – Johnson & Johnson (JNJ) Stock Chart Analysis“.

In that previous update, I was anticipating a lot of overhead resistance for JNJ’s share price. It had developed a couple of bearish candlestick patterns and had resistance around the $125.90 area. I thought its share price may pullback towards the $110 price area.

Let’s see what’s happened the last 2 months. This is a 2 year weekly candlestick chart.

It seems as if I was anticipating a pullback but the market instead is going to keep pushing new highs. The 100% and let’s not even rule out the 161.8% Target Lines from the Fibonacci Extension Tool are the next 2 targets for JNJ’s share price over the medium term.

JNJ developed a Harami Cross candlestick pattern back in late November 2016. I’ve identified the Harami Cross candlestick on the above chart. This candlestick, in hindsight, appears to have identified the end of JNJ’s price consolidation.

Any pullbacks before JNJ reaches the $153 price level are ok to make scale-in purchases.

Microsoft (MSFT)

This last update is for Microsoft (MSFT). Its previous full-length article was titled “4/19/2017 – Microsoft (MSFT) Stock Chart Analysis“. The closing and intra-day P&F Charts showed price targets at $94 and $98, respectively. That was some nice upside potential to still realize.

I may have gotten too clever trying to predict its pullback to the $58 price area. Most stocks have been correcting sideways in nature rather than downwards. Not much after I wrote the article for MSFT thinking it would pullback, it gapped up on its earnings report. The gap-up was right above the resistance area from the Northern Doji candlestick pattern. MSFT proceeded to advance another 10% after I tried to time a sale.

I remember when I was getting very bearish on the NASDAQ and then all of a sudden there was a gap-up above the resistance area where I thought the market was going to correct. It is stunning at first but you quickly need to re-adjust. I immediately got bullish again on the index. I hope anyone that sold shares did the same. Sorry for this missed call.

MSFT’s share price did offer a re-entry point 3-4 weeks later if any shares were sold before the earnings report and not re-purchased on the gap-up.

The Rising Window candlestick pattern’s support area has now been tested a couple of times. But now that MSFT’s share price has been consolidating and advancing above its resistance area, any pullbacks should find support in the $67 area as long as MSFT has not yet reached the 161.8% Target Line.

The $75 area is most likely just another stop on the way towards the $90 price objectives from the P&F Charts.

The strong rally over the last 7 months has made trying to time any sales and repurchases a little tougher. Its almost like get long and then get longer. Don’t take the foot off the pedal.

I will try to take another look at MSFT in the near future. The next article will be a full-length one for Mr. Softy.

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