On CNBC's "Options Action," Carter Worth said that shares of Johnson & Johnson JNJ have tripled the S&P 500 since 1977. The stock is the eleventh largest in the index, he mentioned.
However, looking at the past 10 years, Johnson & Johnson is trailing the S&P 500 by 50%, Worth said. Johnson & Johnson’s stock has been trading in a channel, it seems to be in the middle of this channel, and is likely to reach the top, he stated.
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Johnson & Johnson’s stock is “now toying with the prospect of breaking out above a former high,” Worth said. “That high was back in August at $180. The stock is right now at $177, and I think it’s going to break out,” he added.
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