Fresenius Medical Care slides 0.51%; closes lower for seven consecutive days

A quick look at yesterday: pronounced bearish market sentiment ensured that the US-German healthcare company made a notable 0.51% loss yesterday, declining 11 cents and ultimately closing at $21.47.

United States JOLTs Job Openings (Apr) is next today at 14:00 UTC.

This down-slide takes place while positive United States macroeconomics indicators data was published earlier – United States Consumer Confidence beat the 99 projections, with 102.3.

Meanwhile, United States S&P/CS HPI Composite – 20 n.s.a. (YoY) (Mar) came out at -1.1, while a consensus of analysts was expecting -1.6.

Technical analysis shows that Fresenius Medical Care AG & Co. KGaA could begin to recover as it approaches significant support, now 12 cents away from $21.35. Dipping below could be an indication that further losses are ahead. Trend-following investors would be interested to note that the Commodity Channel Index (CCI) indicator is below -100, meaning the market price is unusually low and below its rolling moving average. Technical analysis indicates that a new, strong downtrend could be forthcoming with short positions favored. Analysis based on the asset volatility indicates that Fresenius Medical Care's lower Bollinger Band® is at $21.29, indicating that the asset has overextended to the downside and could, therefore, bounce back as buyers look for bargains.

All in all, the technical analysis suggests Fresenius Medical Care has no clear-cut direction.

Fresenius Medical Care was not the only decliner in the health care sector; Pfizer lost 1.57% yesterday and closed at $37. Merck lost 1.71% yesterday and closed at $109.17. Novo Nordisk went down 1.94%, closed at $162.97.

With markets struggling for positive sentiment, upcoming macro data could potentially attract buyers in the market as tomorrow at 12:30 UTC data for United States Initial Jobless Claims will be released, with an expected decline to 235,000 from the preceding figure of 229,000.

Some optimism can drawn from the fact that United States Crude Oil Inventories is projected to outperform its last figure with -1.10 million. It previously stood at -12.46 million; data will be released tomorrow at 15:00 UTC.

Furthermore, United States ADP Nonfarm Employment Change (May) is expected tomorrow at 12:15 UTC.

Fresenius Medical Care hit a significant low of $12.81 around 7 months ago, but has since recovered 68.46%.