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April 13, 2023
Yesterday at a glance: in yesterday's bearish session, the US-German healthcare company shed around 2.15% in quick fashion, found support around the $21.83 level and finally closed at $21.85. In contrast, the day's events followed Tuesday's session in which the stock closed at $22.33.
Initial Jobless Claims data from United States will be released today at 12:30 UTC with analysts expecting a decline to 232,000. Potentially significant price fluctuations in Fresenius Medical Care are expected to follow.
This down-slide takes place despite the positive US macroeconomics indicators data that was published earlier — highly important Crude Oil Inventories data from United States beat analyst expectations of -583,000 with a reading of 597,000.
Meanwhile, United States Consumer Price Index released yesterday at 12:30 UTC with a figure of 0.1%, while the previous figure was 0.4%. United States Consumer Price Index came out at 5%, while a consensus of analysts was expecting 5.2%.
Fresenius Medical Care AG & Co. KGaA made an initial break below its 5 day Simple Moving Average at $22, a possible indication of a forthcoming negative trend. Price action remains constrained around the key Fibonacci level of $22.33 currently serving as support. If price action breaks below, the next Fib hurdle is $21.18. On the other hand, note that Fresenius Medical Care could begin to recover as it approaches significant support, now 27 cents away from $21.58. Dipping below could be an indication that further losses are ahead.
Several technical indicators are adding weight to the bearish momentum seen yesterday and forecasting Fresenius Medical Care to extend its recent losses.
On the other hand, positive performances could be seen by looking at other health care stocks as Novo Nordisk traded at $163.52 after closing yesterday's trading day at $158.37 (up 3.25%). Astrazeneca PLC traded at $73.76 after closing yesterday's trading day at $72.18 (up 2.19%). Eli Lilly and Company was up 1.38%.
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 Core Retail Sales will be released, with an expected decline to -0.3% from the preceding figure of -0.1%. United States Initial Jobless Claims projected to come out at 232,000 — worse than previous data of 228,000; data will be released today at 12:30 UTC.
Some optimism can drawn from the fact that United States Producer Price Index is projected to outperform its last figure with 0.1%. It previously stood at -0.1%; data will be released today at 12:30 UTC.
The stock has been trending positively for about a month. The kidney dialysis specialist has gained 34.6% since its lowest print of $12.81 earlier this year.
