Johnson & Johnson shares gain the most in a month on Friday, Barron’s projects a 20% surge

According to a report by the Barrons financial media, shares of the NYSE-listed health care product manufacturer, Johnson & Johnson, could surge almost 20% to the mid-$130s as a result of a faster earnings growth.

Johnson & Johnson shares closed higher for the first time in the past three trading sessions on Friday. The stock surged 1.14% ($1.27) to $112.26, after going up as high as $112.43 a share, or a level not seen since December 6th ($113.20). The daily performance has been the strongest since November 9th, when the stock rose 2.79%. In the week ended on December 11th J&J shares rose 0.27% compared to a week ago, while marking their first gain in the past four weeks. The stock has advanced 0.86% so far during the current month. November, on the other hand, marked the fourth consecutive monthly drop (-4.04%).

The report pointed out a sound development in Johnson & Johnsons consumer and medical devices businesses, while also adding that potentially lower corporate taxes, as envisioned by the Trump administration, might actually benefit the health care-specialized company.

In addition, another factor to support the companys stock was lower concern over competition for J&Js Remicade arthritis drug.

Johnson & Johnsons sales of medical devices worldwide went up 1.1% to reach $6.16 billion during the third quarter of 2016, while its sales of consumer products decreased 1.6% to $3.26 billion during the period.

Daily and Weekly Pivot Levels

With the help of the Camarilla calculation method, todays levels of importance for the Johnson & Johnson stock are presented as follows:

R1 – $112.37
R2 – $112.49
R3 (Range Resistance – Sell) – $112.60
R4 (Long Breakout) – $112.94
R5 (Breakout Target 1) – $113.33
R6 (Breakout Target 2) – $113.50

S1 – $112.15
S2 – $112.03
S3 (Range Support – Buy) – $111.92
S4 (Short Breakout) – $111.58
S5 (Breakout Target 1) – $111.19
S6 (Breakout Target 2) – $111.02

By using the traditional method of calculation, the weekly levels of importance for Johnson & Johnson (JNJ) are presented as follows:

Central Pivot Point – $111.59
R1 – $113.87
R2 – $115.47
R3 – $117.75
R4 – $120.02

S1 – $110.00
S2 – $107.71
S3 – $106.11
S4 – $104.50