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May 30, 2023
The US stock market is closed for the Memorial Day holiday and resumes today. Meanwhile, here is a recap of Friday: after closing the previous trading day at $21.83 and dropping to $21.44, the US-German healthcare company closed Friday at $21.58. By the end of the session, Fresenius Medical Care gave up a total of 1.15%.
Trend-focused traders would be interested to note 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. Asset volatility analysis shows that Bollinger Bands® shows an indication of recovery: the lower band is at $21.55, a low enough level to, generally, suggest that Fresenius Medical Care is trading below its fair value. Chart analysis indicates Fresenius Medical Care could begin to recover as it approaches significant support, now 11 cents away from $21.47. Dipping below could be an indication that further losses are ahead.
Overall, the technical outlook suggests Fresenius Medical Care is likely to remain muted for the immediate future, with 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 Friday. Bristol-Myers Squibb Company closed at $63.82 (down 1.15%). Merck goes down 1.1% Friday to close at $112.3.
With markets struggling for positive sentiment, upcoming macro data could potentially attract buyers in the market as today at 14:00 UTC data for United States Consumer Confidence will be released, with an expected decline to 99 from the preceding figure of 101.3.
Furthermore, United States JOLTs Job Openings (Apr) scheduled to come out tomorrow at 14:00 UTC.
Fresenius Medical Care hit a significant low of $12.81 around 7 months ago, but has since recovered 70.41%.
