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February 27, 2023
While Fresenius Medical Care was in the midst of a 3 day downtrend— in which it lost a total of 3.94%— A possible reversal detected from Friday; generally flat but with a slight bullish bias, Fresenius Medical Care ranged between $19.68 and $20 before closing higher at $20.
Fresenius Medical Care AG & Co. KGaA could be slowing down soon as it approaches resistance at $20.08. Of course, crossing it might suggest further gains are ahead. Despite posting gains on Friday, Fresenius Medical Care slid below its 10 day Simple Moving Average at $19.95 during the last session — an early indicator that a negative trend could be emerging. Despite this, '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.
Fresenius Medical Care is likely to reverse course and start pointing downward in the short term.
Fresenius Medical Care went up Friday, yet these health care stocks did not follow — Abbott Laboratories closed at $100.46 (down 2.04%). Eli Lilly and Company went down 1.8%, closed at $327.52.
Friday's gains have given market bulls further impetus to expect strong macro data going forward, such as United States Core Durable Goods Orders is projected to outperform its last figure with 0.1%. It previously stood at -0.2%; data will be released today at 13:30 UTC. United States Consumer Confidence is projected to outperform its last figure with 108.5, having previously been at 107.1. The figure will be published tomorrow at 15:00 UTC.
Also worthy of note, projections for United States Pending Home Sales are set for a continuation of decline with 1% while previous data was 2.5%; data will be released today at 15:00 UTC.
The stock has been trending positively for about 2 months. The kidney dialysis specialist has gained 24.19% since its lowest print of $12.81 earlier this year.
