Higher open expected for Fresenius Medical Care around $23.38 following 0.95% spike in pre-market trade

Though in the midst of a 4 day uptrend, gaining a total of 6.24%, ($1.48), The prevailing bullish trend is beginning to fade following yesterday's downbeat session. Despite the risk-off mood, Fresenius Medical Care was range-bound between $23.09 to $23.39 and settled at $23.16.

United States Crude Oil Inventories data will be released today at 14:30 UTC, with an expected improvement to -1.49 million. Fresenius Medical Care reaction to indicator information will follow.

Consumer Confidence in United States fell short of market expectations (104) with a reading of 101.3, continuing the decline from the previous figure of 104.

This down-slide takes place while positive United States macroeconomics indicators data was published earlier – United States Core Durable Goods Orders beat analyst expectations of -0.2% and the previous reading of -0.3% with new data of 0.3%.

Meanwhile, United States New Home Sales (Mar) came out at 683,000, while a consensus of analysts was expecting 630,000.

Technical chart analysis shows Fresenius Medical Care AG & Co. KGaA could begin to recover as it approaches significant support, now 12 cents away from $23.04. Dipping below could be an indication that further losses are ahead. Trend and momentum analysis indicates that the Commodity Channel Index (CCI) indicator is above +100, meaning the market price is unusually high compared to the rolling average. Asset volatility analysis shows that Fresenius Medical Care's upper Bollinger Band® is at $23.68 which indicates a further downward move may follow.

Notwithstanding Fresenius Medical Care's appreciation in recent days, the technical outlook suggests its bullish run is now fading.

Fresenius Medical Care was not the only decliner in the health care sector; Thermo Fisher Scientific falls 4.51% yesterday to close at $574.3.

On the other hand, positive performances could be seen by looking at other health care stocks as Novartis gained 3.43%, as it traded at $104.04.

With markets struggling for positive sentiment, upcoming macro data could potentially attract buyers in the market as tomorrow at 14:00 UTC data for United States Pending Home Sales will be released, with an expected decline to 0.5% from the preceding figure of 0.8%. United States GDP projected to decline to two while previous data was 2.6; data will be released tomorrow at 12:30 UTC.

Some optimism can drawn from the fact that United States Crude Oil Inventories is projected to outperform its last figure with -1.49 million. It previously stood at -4.58 million; data will be released today at 14:30 UTC.

The kidney dialysis specialist has gained 43.44% since its lowest print of $12.81 earlier this year.