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May 23, 2023
A quick look at yesterday: the US-German healthcare company has recovered almost all of its session losses after dipping down to $22.94 yesterday.
United States Building Permits is next today at 12:00 UTC.
Technical analysis shows that Fresenius Medical Care AG & Co. KGaA could begin to recover as it approaches significant support, now 16 cents away from $22.96. Dipping below could be an indication that further losses are ahead. Concerning technical analysis and more specifically, trend indicators, Fresenius Medical Care made an initial break below its 3 day Simple Moving Average at $23.06, a possible indication of a forthcoming negative trend. Asset volatility analysis shows that Fresenius Medical Care's lower Bollinger Band® is at $22.65, indicating that the asset has overextended to the downside and could, therefore, bounce back as buyers look for bargains.
Overall, while Fresenius Medical Care has been on an uptrend, technical indicators suggest that it has no obvious direction for the immediate future.
Fresenius Medical Care was not the only decliner in the health care sector; Eli Lilly and Company drops 1.9% yesterday to close at $442.38. Sanofi falls 1.91% yesterday to close at $55.03.
On the other hand, positive performances could be seen by looking at other health care stocks as Pfizer was up 5.38%.
With markets struggling for positive sentiment, upcoming macro data could potentially attract buyers in the market as tomorrow at 14:30 UTC data for United States Crude Oil Inventories will be released, with an expected decline to -920,000 from the preceding figure of 5 million.
Furthermore, United States New Home Sales (Apr) is expected today at 14:00 UTC. United States Services PMI is expected today at 13:45 UTC.
The US-German healthcare company has managed to gain 43.11% so far this year despite trading at lows around $12.81 previously.
