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June 08, 2023
Pre-open trade suggests a higher market open today with yesterday's bullish sentiment adding to the risk-on mood. Bullish sentiment helped the US-German healthcare company to hammer out a noteworthy $22.47 to $22.83 range yesterday, and finally closing at $22.78 to end the session.
United States Initial Jobless Claims data will be released today at 12:30 UTC, with an expected decline to 235,000.
On the flip side, United States Crude Oil Inventories published yesterday at 14:30 UTC came out at -451,000, falling short of the 1 million projections and continuing its decline from the previous 4.49 million figure.
Meanwhile, United States Cushing Crude Oil Inventories came out at 1.72 million, while a consensus of analysts was expecting 719,000. United States Trade Balance (Apr) released yesterday at 12:30 UTC with a figure of -74.6 billion, while the previous figure was -60.6 billion.
Technical analysis of Fresenius Medical Care's past price action reveals multiple support and resistance levels: Fresenius Medical Care AG & Co. KGaA could be slowing down soon; it is getting close to the resistance line and is now at $22.92, only 14 cents away. Crossing the resistance line could, however, suggest that further gains are ahead. Trend-following investors would be interested to note that despite posting gains on yesterday, Fresenius Medical Care slid below its 50 day Simple Moving Average at $22.56 during the last session — an early indicator that a negative trend could be emerging. Crossed the $22.72 Fibonacci level, next level is at $23.
Notwithstanding Fresenius Medical Care's appreciation in recent days, the technical outlook suggests its bullish run is now fading.
This rally in Fresenius Medical Care's share price coincided with other health care stocks as Pfizer traded at $38.89 after closing yesterday's trading day at $38.37 (up 1.36%).
Fresenius Medical Care went up yesterday, yet these health care stocks did not follow — Novo Nordisk lost 2% yesterday and closed at $157.53. Intuitive Surgical descends 2.69% yesterday to close at $315.72.
Furthermore, the market is looking at United States Initial Jobless Claims projected to come out at 235,000 — worse than previous data of 232,000; data will be released today at 12:30 UTC.
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 42.76% year to date.
