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June 24, 2023
Yesterday at a glance: after closing Thursday at $23.85, Fresenius Medical Care closed at $24.3 yesterday after climbing to $24.45 and dropping back down.
At the same time, United States Services PMI released yesterday at 13:45 UTC with a figure of 54.1, while the previous figure was 54.9. United States CFTC Crude Oil speculative net positions came out at 166,500. Fresh CFTC Gold speculative net positions data from United States came out at 163,000.
Technical chart analysis shows after reaching the known resistance zone beginning at $24.44, Fresenius Medical Care AG & Co. KGaA price action retreated approximately 14 cents. Trend-focused traders would be interested to note that the Commodity Channel Index (CCI) indicator is above +100, meaning the market price is unusually high compared to the rolling average. According to asset volatility analysis, Bollinger Band® analysis indicates that current price action is approaching the upper band at $24.68, thereby suggesting that Fresenius Medical Care is becoming overvalued.
Notwithstanding Fresenius Medical Care's appreciation in recent days, the technical outlook suggests its bullish run is now fading.
Fresenius Medical Care went up yesterday, yet these health care stocks did not follow — Astrazeneca PLC went down to $72.12, losing 2.47% after it closed at $73.95 yesterday. Pfizer closed at $38.3 (down 1.11%). AbbVie lost 1.08% yesterday and closed at $135.92.
The kidney dialysis specialist has gained 52.3% since its lowest print of $12.81 earlier this year.
