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February 24, 2023
As traders prepare for a higher market open today, yesterday's bearish sentiment is in focus: the kidney dialysis specialist found support around the $19.87 level, after closing Wednesday at $20.8 and dropping by 4.47% yesterday.
United States Core PCE Price Index (MoM) (Jan) is next today at 13:30 UTC.
Data from United States concerning GDP was released yesterday at 13:30 UTC. Newly published figures emphasized continued decline from last month's figure of 3.2 to 2.7 this month.
This down-slide takes place while positive United States macroeconomics indicators data was published earlier – highly important Crude Oil Inventories data from United States beat analyst expectations of 2 million with a reading of 7.65 million. United States Initial Jobless Claims beat analyst expectations of 200,000 and the previous reading of 195,000 with new data of 192,000.
Fresenius Medical Care AG & Co. KGaA made an initial break below its 10 day Simple Moving Average at $19.93, a possible indication of a forthcoming negative trend. Price action remains constrained around the key Fibonacci level of $19.72 currently serving as support. If price action breaks below, the next Fib hurdle is $19.46. In contrast, although Fresenius Medical Care is pointing down today (was as low as $19.59), it's climbing away from the $19.52 support line and is now 35 cents above it.
Several technical indicators are adding weight to the bearish momentum seen yesterday and forecasting Fresenius Medical Care to extend its recent losses.
Fresenius Medical Care was not the only decliner in the health care sector; Medtronic slides down 1.3% yesterday to close at $85.1.
On the other hand, positive performances could be seen by looking at other health care stocks as Merck was up 1.31%. AbbVie traded at $152.07 after closing yesterday's trading day at $150.67 (up 0.93%).
Furthermore, United States Core PCE Price Index (MoM) (Jan) will be released today at 13:30 UTC. United States New Home Sales (Jan) scheduled to come out today at 15:00 UTC.
The stock has been trending positively for about 2 months. The kidney dialysis specialist has managed to gain 22.07% so far this year despite trading at lows around $12.81 previously.
