The stock has been in consolidation mode since late January and has been moving sideways in a narrowing range for over sixteen weeks. During this process, JNJ has been putting on higher monthly lows despite a few somewhat aggressive selling waves. It now appears that this healthy basing pattern has set the stage for a retest of the 2015 peak near $106.50.
The stock has a very solid layer of support near the $102 area. Last month's high is in this key zone as well as last week's high.