A couple of weeks ago noted that Johnson & Johnson $JNJ looked resilient and could be bullish or defensive in a weak overall equities market environment. The bullish outlook is materializing, and we should probably anticipate further upside towards the 2018 high just above $148 a share.

Johnson & Johnson (JNJ) - Looks Defensive in this Environment

JNJ Daily Chart

(click to enlarge)

More Bullish Signs:
- In the last look at JNJ, we noted that the V-shape rebound in October respected the 200-day and 100-day simple moving averages (SMAs) as support. This was a strong bullish sign.
- Since then, we saw price break above a falling resistance from September. 
- Furthermore, the bullish candles have been convincing. 
- The 11/5 session for example completed an "outside bar", where low is lower than the previous candle's low, and the high is above the previous candle's high. 
- This price action suggests that we should soon see JNJ break above the September high around $143 and head towards the 2018 high around $148. 
- Meanwhile, look for support at or around the $140 mark from now on to confirm this bullish scenario. 
- A break below $140 does not mean JNJ is all of a sudden bearish, but it would suggest some period of consolidation or choppiness within the overall bullish momentum JNJ is gathering.