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March 03, 2023
During a 7 day fall, dropping a total of 8.94%, ($1.93), Yesterday may indicate a change of direction; generally flat but with a slight bullish bias, Fresenius Medical Care ranged between $18.84 and $19 before closing higher at $18.94.
Fresenius Medical Care's uptick comes amid good United States macroeconomic data released during the day — United States Initial Jobless Claims came out at 190,000, better than analyst estimates of 195,000 and improving upon the previous reading of 192,000.
At the same time, United States Nonfarm Productivity (QoQ) (Q4) released yesterday at 13:30 UTC with a figure of 1.7, while the previous figure was 1.4. United States Unit Labor Costs (QoQ) (Q4) came out at 3.2, while a consensus of analysts was expecting 1.6.
Technical chart analysis shows Fresenius Medical Care AG & Co. KGaA is 8 cents away from testing key resistance at $19.02. Peaking above this level could inspire market bulls and open the path to further gains. Trend-following investors 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. Yesterday's price action generated a Japanese candlestick pattern showing 'Bullish Harami' is a candlestick chart indicator used for detecting reversals in an existing bear trend. It is generally indicated by a small price increase that's contained within a broader downward price movement and is commonly associated with a bearish trend coming to an end. Asset volatility analysis shows that Fresenius Medical Care's lower Bollinger Band® is at $18.56, indicating that the market is oversold and fertile for new buyers.
All in all, the technical analysis suggests Fresenius Medical Care has no clear-cut direction.
A look at other health care stocks also showed bullish price action as Abbott Laboratories was up 1.79%. Novartis traded at $85.12 after closing yesterday's trading day at $83.82 (up 1.55%).
Furthermore, the market is looking at United States ISM Non-Manufacturing PMI (Feb) is scheduled for today at 15:00 UTC.
The US-German healthcare company has fallen back around 45.16% from the significant high of $34.41 set 10 months ago.
