Johnson & Johnson (JNJ) has been trading sideways for months but we now see a breakout on our Point and Figure chart.
Let's look closer.
In the daily bar chart of JNJ, below, we can see how the shares have traded sideways since late April. It looks like prices played "chicken" with the $155 level -- getting close to a breakout and then retreating. The shares have just made a new high for the recent move up and that made a breakout on our Point and Figure chart (below).
The bar chart below shows a rising 50-day and 200-day moving average lines as well as a rising On-Balance-Volume (OBV) line.