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April 29, 2023
After having closed Thursday at $23.58, the kidney dialysis specialist rallied above $24.37 yesterday, for the first time in 9 months — gaining 64 cents — and closed at $24.22.
At the same time, United States Core PCE Price Index (MoM) (Mar) released yesterday at 12:30 UTC with a figure of 0.3, while the previous figure was 0.3. Fresh CFTC Crude Oil speculative net positions data from United States came out at 236,400. United States CFTC Gold speculative net positions released yesterday at 20:30 UTC with a figure of 185,300, while the previous figure was 189,900.
Support/Resistance levels obtained from chart analysis indicate that Fresenius Medical Care AG & Co. KGaA could be slowing down soon; it is getting close to the resistance line and is now at $24.37, only 15 cents away. Crossing the resistance line could, however, suggest that further gains are ahead. Trend and momentum analysis indicates that investors are seeking long positions as Fresenius Medical Care price action surged above +100 — a key CCI threshold indicating an imminent bullish trend. Momentum evaluation shows that the Relative Strength Index indicates Fresenius Medical Care is in an overbought condition. Asset volatility analysis shows that Fresenius Medical Care's upper Bollinger Band® is at $24.23, this is a slight indication of a slowdown.
Notwithstanding Fresenius Medical Care's appreciation in recent days, the technical outlook suggests its bullish run is now fading.
A look at other health care stocks also showed bullish price action as Thermo Fisher Scientific traded at $554.9 after closing yesterday's trading day at $543 (up 2.19%). AbbVie added 1.51% to its value, and traded at $151.12.
While Fresenius Medical Care was bullish yesterday, the following health care stocks underperformed: Sanofi went down to $53.65, losing 4.35% after it closed at $56.09 yesterday.
This year has been a bright one for the kidney dialysis specialist after trading as low as $12.81 and going on to appreciate by 52.42% year to date.
