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Johnson & Johnson’s stock is currently trading at 130.14-higher by 5.67% as compared to the previous closing price. In the pre-market trading session, the stock was trading higher by 3.93%. The stock has continued gaining after the opening bell.
The company said earlier today that human testing of its experimental vaccine for the China-linked virus will start by September. Johnson & Johnson further said the vaccine could be available for emergency use authorization early in the next year. The company said that it has committed more than $1 billion of investment along with the federal Biomedical Advanced Research and Development Authority to co-fund vaccine research.
J&J disclosed that it is also increasing its manufacturing capacity with a new site in the United States so as to manufacture and supply the potential vaccine quickly. The New Jersey-based company expects to produce more than 1 billion doses of the potential vaccine. The company in late January reported fiscal Q4 profit that topped the market expectation but missed slightly on revenue. Stocks of Johnson & Johnson have fallen about 11% Year-to-date.
On the technical front, the RSI is currently at 48.77% 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.
Overall Bias is Positive and short-term trades can be initiated with tight Stop Loss and Profit targets.
TRADE SUGGESTION- LIMIT BUY AT 130.10 TAKE PROFIT AT 133.60 STOP LOSS AT 128.30