Bullish phase under threat as Fresenius Medical Care stays range-bound

Stable at $23.57 and still trending upwards, Friday'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.

Chart analysis suggests Fresenius Medical Care AG & Co. KGaA 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. With regards to technical trend indicators, chart analysis show that investors are seeking long positions as Fresenius Medical Care price action surged above +100 — a key CCI threshold indicating an imminent bullish trend. Analysis based on the asset volatility indicates that Fresenius Medical Care's upper Bollinger Band® is at $24, suggesting that a downward move may follow.

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 traded at $138.64 after closing Friday's trading day at $135.89 (up 2.02%).

Data to be released today might clear up some of the market fog as United States Building Permits (May) is expected tomorrow at 12:30 UTC.

The past 3 months have been positive for the US-German healthcare company as it added 21.24% compared to its 3-month low of $12.81.