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July 02, 2023
- Price action oscillating around key resistance at $193.28
- Upper Bollinger Band® currently at $200.29
Seagen is in the midst of a 7 day downtrend. A possible change of direction spotted from Friday; ending Thursday at $191.53, the cancer therapies development company rallied 0.49% Friday and stayed at the $192.46 level.
Trading mostly sideways for 2 months. The cancer therapies development company has appreciated 49.9% over the past six months.
Seattle Genetics Inc broke through the $193.28 resistance and climbed 82 cents above it. The Commodity Channel Index (CCI) indicator is below -100, meaning the market price is unusually low and below its rolling moving average. Technical analysis indicates that a new, strong downtrend could be forthcoming with short positions favored. Bollinger Band® analysis indicates that current price action is approaching the upper band at $200.29, thereby suggesting that Seagen is becoming overvalued. On the other hand, note that '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.
Examining the technical analysis landscape, Seagen is likely to reverse course and start pointing downward in the short term.
A look at other health care stocks also showed bullish price action as Novo Nordisk traded at $161.83 after closing Friday's trading day at $157.03 (up 3.06%). Pfizer was up 1.55%. Novartis traded at $100.91 after closing Friday's trading day at $99.36 (up 1.56%).
Upcoming fundamentals: United States ISM Manufacturing PMI (Jun) is expected tomorrow at 14:00 UTC.
