Dropping for five consecutive days, Fresenius Medical Care closes at $21.83 (down 1.58%)

A quick look at yesterday: in yesterday's bearish session, the US-German healthcare company shed around 1.58% in quick fashion, found support around the $21.69 level and finally closed at $21.83. In contrast, the day's events followed Wednesday's session in which the stock closed at $22.18.

United States Pending Home Sales fell short of the 0.5% projections, with new data of 0%.

This down-slide takes place despite the positive US macroeconomics indicators data that was published earlier — highly important GDP data from United States beat analyst expectations of 1.1 with a reading of 1.3. Highly important Initial Jobless Claims data from United States beat analyst expectations of 250,000 with a reading of 229,000.

With regards to technical trend indicators, chart analysis show that 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. According to asset volatility analysis, Bollinger Bands® shows an indication of recovery: the lower band is at $21.86, a low enough level to, generally, suggest that Fresenius Medical Care is trading below its fair value. Visual analysis of Fresenius Medical Care's chart shows that Fresenius Medical Care could begin to recover as it approaches significant support, now 14 cents away from $21.69. Dipping below could be an indication that further losses are ahead.

All in all, the technical analysis suggests Fresenius Medical Care has no clear-cut direction.

Fresenius Medical Care was not the only decliner in the health care sector; Medtronic went down 4.51%, closed at $87.49. Novartis lost 2.25% yesterday and closed at $97.78. Pfizer falls 2.07% yesterday to close at $38.63.

Looking ahead, ongoing depreciation may be prolonged as today at 12:30 UTC data for United States Core Durable Goods Orders will be released, with an expected decline to 0% from the preceding figure of 0.3%.

Furthermore, United States Core PCE Price Index (MoM) (Apr) scheduled to come out today at 12:30 UTC.

Fresenius Medical Care hit a significant low of $12.81 around 7 months ago, but has since recovered 73.15%.