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June 17, 2023
While Fresenius Medical Care is on a 5 day uptrend Yesterday's session put the brakes on the ongoing uptrend — without a clear direction, Fresenius Medical Care closed at $23.57 while ranging between $23.51 and $23.84.
This uncertain state for Fresenius Medical Care is reflected by published market data as United States CFTC Nasdaq 100 speculative net positions released yesterday at 20:30 UTC with a figure of 15,700, while the previous figure was 8,800. United States CFTC S&P 500 speculative net positions came out at -331,400. United States CFTC Crude Oil speculative net positions released yesterday at 20:30 UTC with a figure of 155,100, while the previous figure was 172,400.
Trend and momentum analysis indicates that the Commodity Channel Index (CCI) indicator is above +100, meaning the market price is unusually high compared to the rolling average. According to asset volatility analysis, Fresenius Medical Care's upper Bollinger Band® is at $24, suggesting that a downward move may follow. A study of Fresenius Medical Care's historical price actions shows Fresenius Medical Care is approaching key support, around 13 cents away from $23.44. 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.
Notwithstanding Fresenius Medical Care's appreciation in recent days, the technical outlook suggests its bullish run is now fading.
Meanwhile, mixed performances were seen by other health care stocks as Bristol-Myers Squibb Company added 2.3% to its value, and traded at $66.16. AbbVie was up 2.02%.
The kidney dialysis specialist now trading 22% above its 3-month low of $12.81.
