| 
February 28, 2023
A 4 day downtrend is ongoing for Fresenius Medical Care. Yesterday may indicate a change of direction; Fresenius Medical Care recovered all the way back up to $20.06 after dipping down to $19.94.
United States Consumer Confidence data will be released today at 15:00 UTC, with an expected improvement to 108.5 (previous figure was 107.1).
Fresenius Medical Care's uptick comes amid good United States macroeconomic data released during the day — highly important Pending Home Sales data from United States beat analyst expectations of 1% with a reading of 8.1%. Data for United States Core Durable Goods Orders published yesterday at 13:30 UTC came out at 0.7%, beating projections of 0.1% and showing improvement over the preceding figure of -0.4%.
Meanwhile, Core Durable Goods Orders in United States fell short of market expectations (-4%) with a reading of -4.5%, continuing the decline from the previous figure of 5.1%.
Although Fresenius Medical Care AG & Co. KGaA is appreciating today after rising as high as $20.25, price action is now slowing and consolidating around 16 cents below the $20.22 resistance level. Despite posting gains on yesterday, Fresenius Medical Care slid below its 10 day Simple Moving Average at $20.04 during the last session — an early indicator that a negative trend could be emerging.
Examining the technical analysis landscape, Fresenius Medical Care is likely to reverse course and start pointing downward in the short term.
While Fresenius Medical Care was bullish yesterday, the following health care stocks underperformed: Pfizer closed at $40.78 (down 2.32%). Eli Lilly and Company went down to $316.62, losing 1.56% after it closed at $321.64 yesterday.
Yesterday's gains have given market bulls further impetus to expect strong macro data going forward, such as United States Consumer Confidence is projected to outperform its last figure with 108.5. It previously stood at 107.1; data will be released today at 15:00 UTC.
Also worthy of note, as things stand, upcoming United States Crude Oil Inventories data is projected to fall short of market expectations with newly published data of 440,000, following on from the preceding figure of 7.65 million. New data is set to be published tomorrow at 15:30 UTC.
Furthermore, the market is looking at United States ISM Manufacturing PMI (Feb) will be released tomorrow at 15:00 UTC.
The stock has been trending positively for about 2 months. This year has been a bright one for the US-German healthcare company after trading as low as $12.81 and going on to appreciate by 24.64% year to date.
