J&J (JNJ) Bullish VWAP ‘Pinch’ Setting Up
J&J (JNJ) basing in a multi-week range under $165.25 and around the top of monthly value while showing relative strength on 11/10 into the weak overall move. JNJ pulled back from recent highs near $180 and has put in a nice base off the YTD value-low with plenty of upside as it works back through this high-volume node. JNJ hit a scan today called a ‘VWAP pinch’ with shares in a narrow range between VWAP from the recent high at $165.40 and VWAP from the recent low at $162.80 and setting up for more range expansion. The volume gap above $165.85 targets a move to $171.50.