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March 16, 2023
- The CCI indicator stands above +100
- Bollinger analysis indicates upper Band® is at $200.64
Seagen moves 0.05% to close at $199.94 yesterday.
The stock has been trending positively for about 3 months. This year has been a bright one for the cancer therapies development company after trading as low as $108.81 and going on to appreciate by 52.68% year to date.
Trend and momentum analysis indicates that investors are seeking long positions as Seattle Genetics Inc price action surged above +100 — a key CCI threshold indicating an imminent bullish trend. Momentum evaluation shows that the Relative Strength Index indicates Seagen is in a strong overbought condition. Analysis based on the asset volatility indicates that Seagen's upper Bollinger Band® is at $200.64, suggesting that a downward move may follow.
All in all, the technical analysis suggests Seagen has no clear-cut direction.
Meanwhile, mixed performances were seen by other health care stocks as Thermo Fisher Scientific closed at $542.7 (down 2.39%). Amgen gained 1.87%, as it traded at $234.9. Bristol-Myers Squibb Company traded at $67.48 after closing yesterday's trading day at $66.47 (up 1.52%).
Upcoming fundamentals: United States Philadelphia Fed Manufacturing Index (Mar) is scheduled for today at 12:30 UTC.
