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Johnson & Johnson’s stock is currently trading at 138.40-higher by 0.90% as compared to the previous closing price. In the pre-market trading session, the stock was trading higher by 0.69%. The stock has continued gaining after the opening bell.
The company revealed on Tuesday that recent tests showed that it’s Baby Powder was free of asbestos. The news came after Food and Drug Administration investigations showed traced amounts of the material in the powder earlier this year.
Johnson and Johnson also said that 155 tests were conducted by two different third-party labs on samples from the same bottle tested by the FDA’s contracted lab. In October, the company recalled around 33,000 bottles of baby powder in the U.S. The move came after the FDA found trace amounts of asbestos in a sample taken from a bottle bought online. The company faces more than 15,000 lawsuits.
On the technical front, the RSI is currently at 64.74% and suggests that the market can move in the upward direction. The current price is above the MA5. The current price is above the middle line of the Bollinger Bands and is heading upwards.
TRADE SUGGESTION- LIMIT BUY AT 138.24 TAKE PROFIT AT 138.90 STOP LOSS AT 137.94