J&J Jumps on Goldman Upgrade

A Goldman upgrade is giving shares of Johnson & Johnson (JNJ) a nice boost today. Goldman boosted JNJ to Neutral from Sell, citing an improved outlook for the pharmaceutical industry. The positive comments sparked a gap higher open that lifted the stock to fresh monthly highs. JNJ has gained more ground since the bell and is now testing a key overhead trendline the links the August/September highs. 

Earlier this week, JNJ retested a very solid near-term support area. This level held the July, August and September lows and papered to be on the verge of a breakdown this Tuesday following a close below $85.50. The stock held on Wednesday and has been moving higher since. If a new upgrade-inspired rally is about to begin, JNJ is rebounding off of four-straight monthly lows in the $85.50 area. That's a solid floor to say the least....128 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.

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