Our pivot point is at 116.4.
Our preference:the upside prevails as long as 116.4 is support.
Alternative scenario: the downside breakout of 116.4 would call for 114.3 and 113.
Comment: the RSI is trading above 70. This could mean that either the stock is in a lasting uptrend or just overbought and that therefore a correction could shape (look for bearish divergence in this case). The MACD is positive and above its signal line. The configuration is positive. Moreover, the stock is above its 20 and 50 day MA (respectively at 114.32 and 114.76). Finally, Johnson & Johnson has crossed above its upper daily Bollinger band (118.27). Johnson & Johnson is currently trading near its 52 week high reached at 126.07 on 20/07/16.