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April 14, 2023
Pre-open trade suggests a higher market open today with yesterday's bullish sentiment adding to the risk-on mood. The US-German healthcare company rose as high as $22.61 before giving up its gains and dropping back to $22.61 before the close on yesterday.
United States Retail Sales is next today at 12:30 UTC.
On the flip side, United States Producer Price Index published yesterday at 12:30 UTC came out at -0.5%, falling short of the 0.1% projections and continuing its decline from the previous 0% figure. United States Initial Jobless Claims fell short of the 232,000 projections, with new data of 239,000.
Meanwhile, United States Fed's Balance Sheet released yesterday at 20:30 UTC with a figure of 8.62 trillion, while the previous figure was 8.63 trillion.
Trend-focused traders would be interested to note that the Commodity Channel Index (CCI) indicator is above +100, meaning the market price is unusually high compared to the rolling average. According to momentum evaluation, according to technical analysis of Fresenius Medical Care's Relative Strength Index (RSI), the market is currently overbought. According to asset volatility analysis, Fresenius Medical Care's upper Bollinger Band® is at $23.11, this is a slight indication of a slowdown. Technical chart analysis shows Fresenius Medical Care could be slowing down soon; it is getting close to the resistance line and is now at $22.72, only 11 cents away. Crossing the resistance line could, however, suggest that further gains are ahead.
Overall, the technical outlook suggests Fresenius Medical Care is likely to remain muted for the immediate future, with no clear-cut direction.
This rally in Fresenius Medical Care's share price coincided with other health care stocks as Novo Nordisk was up 2.52%. Novartis was up 1.81%. Thermo Fisher Scientific gained 2.03%, as it traded at $591.13.
Also worthy of note, as things stand, upcoming United States Core Retail Sales data is projected to fall short of market expectations with newly published data of -0.3%, following on from the preceding figure of -0.1%. New data is set to be published today at 12:30 UTC.
Furthermore, the market is looking at United States Retail Sales is expected today at 12:30 UTC.
The stock has been trending positively for about a month. The US-German healthcare company has gained 42.35% since its lowest print of $12.81 earlier this year.
