Johnson & Johnson (NYSE:JNJ) stalled out at resistance around the $165 level. There tends to be resistance at price levels that had previously been resistance. As you can see on the chart below, that's the case here. This level was also resistance in March.
‘Sell at former peaks' is an old trading saying, and there is simple logic that supports this idea. That's why our team of technical analysts has made Johnson & Johnson our Stock of the Day.
