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March 07, 2023
Expected lower market open set to test ongoing trend following yesterday's bullish close: Fresenius Medical Care ended Friday at $19.58. yesterday it went up to $20.11 only to drop back, yet still managed to close at $19.82.
United States Fed Chair Powell testimony is next today at 15:00 UTC.
Meanwhile, United States Factory Orders beat the -1.8% projections, with -1.6%.
Although Fresenius Medical Care AG & Co. KGaA is appreciating today after rising as high as $20.11, price action is now slowing and consolidating around 43 cents below the $20.25 resistance level. Despite posting gains on yesterday, Fresenius Medical Care slid below its 10 day Simple Moving Average at $19.84 during the last session — an early indicator that a negative trend could be emerging.
After posting consistent gains as part of its uptrend and being lifted by intraday sentiment, technical factors suggest Fresenius Medical Care is set for a reversal in the coming days.
This rally in Fresenius Medical Care's share price coincided with other health care stocks as Merck added 3.95% to its value, and traded at $111.1.
While Fresenius Medical Care was bullish yesterday, the following health care stocks underperformed: Medtronic went down 1.77%, closed at $83.41. Abbott Laboratories went down to $102.75, losing 1.63% after it closed at $104.45 yesterday.
Also worthy of note, tomorrow at 15:30 UTC data for United States Crude Oil Inventories will be released, with an expected decline to -308,000 from the preceding figure of 1.17 million.
Elsewhere, United States ADP Nonfarm Employment Change (Feb) is scheduled for tomorrow at 13:15 UTC. United States JOLTs Job Openings (Jan) scheduled to come out tomorrow at 15:00 UTC.
This year has been a bright one for the kidney dialysis specialist after trading as low as $12.81 and going on to appreciate by 23.38% year to date.
