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March 08, 2023
As we approach the end of the trading session, the kidney dialysis specialist is trading steadily today, ranging between $18.89 and $19.13; currently hovering around $19.
United States's Crude Oil Inventories new data released of -1.69 million below its previous figure.
Fresenius Medical Care's state is reflected by market data as Crude Oil Inventories in United States fell short of market expectations (395,000) with a reading of -1.69 million, continuing the decline from the previous figure of 1.17 million. United States JOLTs Job Openings (Jan) released today at 15:00 UTC with a figure of 10.82 million, while the previous figure was 11.23 million. United States ADP Nonfarm Employment Change (Feb) came out at 242,000, while a consensus of analysts was expecting 200,000.
Following today's trading session, chart analysis suggests Fresenius Medical Care AG & Co. KGaA is approaching key support, around 16 cents away from $18.85. Dipping below could indicate further losses are ahead while a failure to break below this level is likely to be seen positively by market bulls. Trend and momentum analysis indicates 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. Analysis based on the asset volatility indicates that Fresenius Medical Care's upper Bollinger Band® is at $20.74 and the lower is $18.67.
With market volatility ebbing, the current technical outlook indicates Fresenius Medical Care will remain range-bound for the immediate future.
Meanwhile, mixed performances are seen in other health care stocks as Merck is down to $108.15, losing 2.8%, after ending yesterday at $111.27. AbbVie is down to $149.42, losing 2.3%, after ending yesterday at $152.93. Medtronic is down to $78.12, losing 2.03%, after ending yesterday at $79.74.
Data to be released later is expected to clarify investor sentiment while boosting price action volatility as United States Initial Jobless Claims expected to decline to 195,000 while its preceding data was 190,000, data will be available tomorrow at 13:30 UTC.
The kidney dialysis specialist is now trading 44.7% below the significant high of $34.41 it set around 10 months ago.
