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February 22, 2023
Pre-open trade suggests a higher market open today with yesterday's bullish sentiment adding to the risk-on mood. Fresenius Medical Care rallied 67 cents (3.45%) deep into the session, closing at $20.67.
United States FOMC Meeting Minutes is next today at 19:00 UTC.
Meanwhile, United States Existing Home Sales (Jan) released yesterday at 15:00 UTC with a figure of 4 million, while the previous figure was 4 million. Fresh 2-Year Note Auction data from United States came out at 4.673. United States Existing Home Sales fell short of the 2% projections, with new data of -0.7%.
Although Fresenius Medical Care AG & Co. KGaA is appreciating today after rising as high as $20.88, price action is now slowing and consolidating around 60 cents below the $21.27 resistance level. Despite posting gains on yesterday, Fresenius Medical Care slid below its 200 day Simple Moving Average at $19.47 during the last session — an early indicator that a negative trend could be emerging. Fresenius Medical Care's upper Bollinger Band® is at $20.78, this is a slight indication of a slowdown.
Technical analysis of Fresenius Medical Care price action suggests it is likely to undergo a short-term reversal amid broader bullish sentiment.
While Fresenius Medical Care was bullish yesterday, the following health care stocks underperformed: Abbott Laboratories falls 2.89% yesterday to close at $106.74. Johnson & Johnson drops 1.49% yesterday to close at $160.39. Pfizer draws back 1.18% yesterday to close at $43.21.
Also worthy of note, tomorrow at 16:00 UTC data for United States Crude Oil Inventories will be released, with an expected decline to 1.17 million from the preceding figure of 16.28 million. Tomorrow at 13:30 UTC data for United States Initial Jobless Claims will be released, with an expected decline to 200,000 from the preceding figure of 194,000.
Elsewhere, United States GDP is expected tomorrow at 13:30 UTC.
The stock has been trending positively for about 2 months. The US-German healthcare company has gained 29.57% since its lowest print of $12.81 earlier this year.
