Is JNJ worth a look after Friday’s 6% sell-off?
This Dividend Aristocrat can’t stay out of the headlines and is facing hundreds if not thousands of lawsuits. But, is this selloff overdone? The simple question remains: Will JNJ survive their legal woes and come out on the other side with minimal damage? We won’t have the answers next week, but there probably isn’t a value trader out there who isn’t at least interested in next week’s price action, including me.
The daily chart below shows there MIGHT be some support at these levels, but I’ll need proof. 120-124 gets interesting, too.
The P/E is at support levels, as well.
My game plan for the week will be to watch if buyers come in and STAY in Monday afternoon. That would be somewhat tempting. However, if selling continues, I’ll look for 124ish by mid-week and anticipate a new round or potential buyers.