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May 11, 2023- Despite dipping below $199.59 as support, market bulls are still in control
- Bollinger analysis indicates upper Band® is at $206.56
It's been more of the same this session on the back of 20 days of flat trade, Today's session so far looks to be heading in a similar way — after dropping down to $199, the biotechnology company recovers some losses and is currently trading at $199.94.
The stock has been trending positively for about 5 months. The biotechnology company now trading 47.69% above its 3-month low of $117.37.
Seattle Genetics Inc made an initial break below its 10 day Simple Moving Average at $199.5, a possible indication of a forthcoming negative trend. Seagen's upper Bollinger Band® is at $206.56, suggesting that a downward move may follow. In contrast, Seagen bounced after reaching the $199.59 support zone, climbing 35 cents above it.
Despite the market lacking direction, technical chart analysis strongly suggests Seagen is positioned for a downward move in the near term.
Fundamental indicators – highly important Producer Price Index data from United States beat analyst expectations of 0.3% with a reading of 0.2%.
Meanwhile, mixed performances are seen in other health care stocks as Pfizer is down to $37.47, losing 1.11%, after ending yesterday at $37.89. Johnson & Johnson is down to $160.07, losing 0.98%, after ending yesterday at $161.65. After closing the previous session (yesterday) at $533.5, Thermo Fisher Scientific lost $7.32 and is trading around $526.18.
