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May 11, 2023
The kidney dialysis specialist traded at $24.54 yesterday, after making its biggest single-day jump of $1.36 (5.87%) since March 2022.
United States Producer Price Index data will be released today at 12:30 UTC, with an expected improvement to 0.3% (previous figure was -0.5%).
Fresenius Medical Care's uptick comes amid good United States macroeconomic data released during the day — United States Crude Oil Inventories beat the -917,000 projections, with 2.95 million.
At the same time, United States Consumer Price Index released yesterday at 12:30 UTC with a figure of 4.9%, while the previous figure was 5%. United States Core Consumer Prices came out at 0.4%, while a consensus of analysts was expecting 0.4%.
Concerning technical analysis and more specifically, trend indicators, the Commodity Channel Index (CCI) indicator is above +100, meaning the market price is unusually high compared to the rolling average. Analysis based on the asset volatility indicates that Fresenius Medical Care's upper Bollinger Band® is at $24.67, this is a slight indication of a slowdown. Chart analysis indicates Fresenius Medical Care could be slowing down soon as it approaches resistance at $24.64. Of course, crossing it might suggest further gains are ahead.
Overall, while Fresenius Medical Care has been on an uptrend, technical indicators suggest that it has no obvious direction for the immediate future.
This rally in Fresenius Medical Care's share price coincided with other health care stocks as Eli Lilly and Company added 1.76% to its value, and traded at $435.92.
While Fresenius Medical Care was bullish yesterday, the following health care stocks underperformed: Novartis went down to $103.63, losing 1.02% after it closed at $104.7 yesterday. Sanofi went down to $54.57, losing 0.98% after it closed at $55.11 yesterday.
Yesterday's gains have given market bulls further impetus to expect strong macro data going forward, such as United States Producer Price Index is projected to outperform its last figure with 0.3%, having previously been at -0.5%. The figure will be published today at 12:30 UTC.
Furthermore, the market is looking at United States Initial Jobless Claims expected to decline to 245,000 while its preceding data was 242,000, data will be available today at 12:30 UTC.
The US-German healthcare company has gained 57.15% since its lowest print of $12.81 earlier this year.
