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May 16, 2023
Fresenius Medical Care is on a 4 day downtrend Today is looking a bit better: without a clear-cut direction, Fresenius Medical Care is trading around $23.81 and ranging between $23.76 and $23.87.
Uncertainty around Fresenius Medical Care is reflected by published market data as highly important Retail Sales data from United States beat analyst expectations of 0.8% with a reading of 0.4%. New Core Retail Sales data from United States matched market expectations with a reading of 0.4% — a positive step in contrast to previous data of -0.5% from last month. United States Business Inventories (MoM) (Mar) released today at 14:00 UTC with a figure of -0.1, while the previous figure was 0.2.
Fresenius Medical Care AG & Co. KGaA made an initial break below its 5 day Simple Moving Average at $23.78, a possible indication of a forthcoming negative trend. In contrast, 'Bullish Harami' is a candlestick chart indicator used for detecting reversals in an existing bear trend. It is generally indicated by a small price increase that's contained within a broader downward price movement and is commonly associated with a bearish trend coming to an end. Fresenius Medical Care is approaching key support, around 20 cents away from $23.61. Dipping below could indicate further losses are ahead while a failure to break below this level is likely to be seen positively by market bulls.
Despite the market lacking direction, technical chart analysis strongly suggests Fresenius Medical Care is positioned for a downward move in the near term.
Meanwhile, mixed performances are seen in other health care stocks as after closing the previous session (yesterday) at $68.17, Bristol-Myers Squibb Company lost 93 cents and is trading around $67.24. Novo Nordisk is down 1.47% from the beginning of the session and now trades around $166.94.
Data to be released later is expected to clarify investor sentiment while boosting price action volatility as as things stand, upcoming United States Crude Oil Inventories data is projected to fall short of market expectations with newly published data of -1.3 million, following on from the preceding figure of 2.95 million. New data is set to be published tomorrow at 14:30 UTC. United States Building Permits (Apr) will be released tomorrow at 12:30 UTC.
The kidney dialysis specialist has gained 47.92% since its lowest print of $12.81 earlier this year.
