Dropping for six consecutive days, Fresenius Medical Care closes at $21.58 (down 1.15%)

Yesterday at a glance: the US-German healthcare company found support around the $21.58 level, after closing Thursday at $21.83 and dropping by 1.15% yesterday.

Highly important Core Durable Goods Orders data from United States beat analyst expectations of 0% with a reading of -0.2%.

Meanwhile, United States Core PCE Price Index (MoM) (Apr) released yesterday at 12:30 UTC with a figure of 0.4, while the previous figure was 0.3. Fresh CFTC Crude Oil speculative net positions data from United States came out at 193,100.

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, Fresenius Medical Care's lower Bollinger Band® is at $21.54, indicating that the asset has overextended to the downside and could, therefore, bounce back as buyers look for bargains. A study of Fresenius Medical Care's historical price actions shows the resistance level is at $21.53, followed by $21.54.

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 to $81.46, losing 2.49% after it closed at $83.54 yesterday. Bristol-Myers Squibb Company retreats 1.15% yesterday to close at $64.56. Merck went down 1.1%, closed at $112.3.

The kidney dialysis specialist is now trading 70.41% above the significant low ($12.81) it slumped to 7 months ago.