Technical Summary: JNJ is a good illustration of why different charts on different time frames can offer different perspectives. The price action on the one year chart indicates at best a sideways consolidation and at worst a medium term downtrend. The action on the five year chart shows a stock that is in a longer term uptrend that has potentially pulled back into a buy the dip type situation. If nothing else this shows that chart intepretation is a art as opposed to a science. Your intrepration of the chart will probably depend firstly on your timeframe. If you have a longer term view then the pull back on the five year chart could be presenting an attractive opportunity. However if you were operating on a shorter term time frame then it would be entirely possible to come up with an alternate view. With good risk management in trading there is no right or wrong intrepration of a chart.