Opening Bell Technical Preview | Ultra-bearish outlook set to continue for Seagen

• The CCI indicator has fallen below -100 – a bearish signal
• RSI indicates market is oversold after falling below 30

In the last 23 days, Seagen has lost a total of 8.25% of its value. Similar trend today: Seagen is down to $189.23, after ending yesterday at $199.55. Overall, a 5.17% loss or $10.32 today.

The stock has been trending positively for about 5 months. The past 3 months have been positive for the cancer therapies development company as it added 40.48% compared to its 3-month low of $117.37.

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. A crossing of the lower Bollinger Band® at $193.74 suggests further losses may follow for Seagen. In contrast, the Relative Strength Index has gone below 30, going into oversold conditions and allowing more gains.

In the short term, Seagen is expected to maintain its recent downtrend and continue spiralling lower.

Fundamental indicators – United States Retail Sales released earlier showed a marked improvement to 0.4% from the preceding data of -0.7%, but fell short of the 0.8% figure forecast by a consensus of market analysts.

In the meantime, negative performances are also seen in other health care stocks as after closing the previous session (yesterday) at $169.43, Novo Nordisk lost $2.06 and is trading around $167.37. Pfizer is down 0.78% from the beginning of the session and now trades around $36.87. After closing the previous session (yesterday) at $159.55, Johnson & Johnson lost 96 cents and is trading around $158.59.

Upcoming fundamentals: tomorrow at 14:30 UTC data for United States Crude Oil Inventories will be released, with an expected decline to -1.3 million from the preceding figure of 2.95 million.