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April 19, 2023
Having lost 85 cents over 3 days, A slight improvement can be seen from today's session: pronounced bearish sentiment in the market pushed the US-German healthcare company into a notable 0.13% slide today, falling 3 cents and ultimately closing at $22.38.
United States's Crude Oil Inventories new data released of -4.58 million below its previous figure.
Uncertainty around Fresenius Medical Care is reflected by published market data as highly important Crude Oil Inventories data from United States beat analyst expectations of -1 million with a reading of -4.58 million. United States Building Permits (Mar) came out at 1.41 million, while a consensus of analysts was expecting 1.45 million. United States 20-Year Bond Auction released today at 17:00 UTC with a figure of 3.92, while the previous figure was 3.909.
Fresenius Medical Care AG & Co. KGaA made an initial break below its 10 day Simple Moving Average at $22.27, a possible indication of a forthcoming negative trend. Price action remains constrained around the key Fibonacci level of $22.33 currently serving as support. If price action breaks below, the next Fib hurdle is $21.18. Despite this, Fresenius Medical Care reversed direction at $22.3 support zone and climbed 8 cents above it.
Despite the market lacking direction, technical chart analysis strongly suggests Fresenius Medical Care is positioned for a downward move in the near term.
Meanwhile, mixed performances were seen by other health care stocks as Abbott Laboratories gained 7.81%, as it traded at $112.28. Intuitive Surgical added 10.88% to its value, and traded at $298.57.
Data to be released tomorrow might clear up some of the market fog as United States Philadelphia Fed Manufacturing Index (Apr) scheduled to come out tomorrow at 12:30 UTC. United States Existing Home Sales (Mar) is expected tomorrow at 14:00 UTC. United States Initial Jobless Claims projected to come out at 240,000 — worse than previous data of 239,000; data will be released tomorrow at 12:30 UTC.
The stock has been trending positively for about a month. The kidney dialysis specialist has managed to gain 39.11% so far this year despite trading at lows around $12.81 previously.
