This stock can play offense and defense: Technician

Market volatility is in full force.

The S&P 500 moved an average of nearly 1.5 percent in either direction in the first four sessions in December, with the index down about 1 percent month to date. The wild swings come ahead of the highly anticipated FOMC meeting Dec. 15-16, where the Federal Reserve is expected to raise interest rates for the first time in nearly a decade. But for those looking for a safe place to hide out in this wild market, one technician is pointing to one old-school American company: Johnson & Johnson.

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"If and as equities were to go higher, I think you would get a good performance here and if the market runs into some trouble, I would make the bet that [Johnson & Johnson] is a good place to hide," Carter Worth told CNBC's "Options Action" Friday.

Johnson & Johnson has been an underperformer year to date, down more than 1 percent and lagging both the S&P 500 and health-care ETF. But it's that very underperformance that appeals to Worth, Cornerstone Macro's head of technical analysis. "While [health care] has been largely driven by biotech and other things, it's still quite a lag for one of the biggest components in the sector," he said.

Worth noted that the two were heavily correlated until 2013. "We're talking about a performance in the sector that's more than double than one of its biggest constituents," in the last 10 years, he said. Johnson & Johnson makes up more than 10 percent of the health-care sector ETF.

According to Worth, the chart of Johnson & Johnson has recently broken above its downtrend, which could mean new highs for the stock. "I'm going to play for a move that could take us back to the old high from about a year ago," said Cornerstone Macro's head of technical analysis. That's a roughly 6 percent move from the current price of around $103 a share.

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  • Melissa Lee

    Melissa Lee is the host of CNBC's “Fast Money” and “Options Action.”

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