Fresenius Medical Care closed at $22.74 (down 1.9%) and added one more to its 4th straight day of losses

Yesterday at a glance: a tough session dominated by bearish sentiment left Fresenius Medical Care 44 cents lower, while setting a $22.57 to $23.11 session range.

United States Fed Chair Powell speech is next today at 15:00 UTC.

This down-slide takes place despite the positive US macroeconomics indicators data that was published earlier — United States Initial Jobless Claims beat the 254,000 projections, with 242,000.

While price action maintains a negative bias, United States Existing Home Sales (Apr) came out at 4.28 million, while a consensus of analysts was expecting 4.3 million. United States Philadelphia Fed Manufacturing Index (May) released yesterday at 12:30 UTC with a figure of -10.4, while the previous figure was -31.3.

Chart analysis suggests Fresenius Medical Care AG & Co. KGaA could begin to recover as it approaches significant support, now 24 cents away from $22.5. Dipping below could be an indication that further losses are ahead. Concerning technical analysis and more specifically, trend indicators, 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 $22.59, a low enough level to, generally, suggest that Fresenius Medical Care is trading below its fair value.

With market volatility ebbing, the current technical outlook indicates Fresenius Medical Care will remain range-bound for the immediate future.

Fresenius Medical Care was not the only decliner in the health care sector; Bristol-Myers Squibb Company lost 1.25% yesterday and closed at $65.7. Novartis went down to $100.35, losing 0.86% after it closed at $101.22 yesterday. Pfizer went down 0.73%, closed at $36.75.

Furthermore, United States Fed Chair Powell speech is scheduled for today at 15:00 UTC.

The US-German healthcare company has gained 40.06% since its lowest print of $12.81 earlier this year.