Seagen builds bearish momentum towards key support at $174.88

• Price action honing in on likely support at $174.88
• The Relative Strength Index indicates Seagen is in an overbought condition

Though in the midst of a 12 day uptrend, gaining a total of 12.63%, ($20.91), The prevailing bullish trend is beginning to fade following yesterday's downbeat session. An influx of sellers pushed the cancer therapies development company to end the session lower around $176.36, while establishing a $174.72 to $177.51 session range yesterday.

The stock has been trending positively for about 3 months. The cancer therapies development company has gained 36.71% since its lowest print of $108.81 earlier this year.

Support/Resistance levels obtained from chart analysis indicate that Seattle Genetics Inc could begin to recover as it approaches significant support, now $1.48 away from $174.88. Dipping below could be an indication that further losses are ahead. According to momentum evaluation, according to technical analysis of Seagen's Relative Strength Index (RSI), the market is currently overbought.

Fundamental indicators – highly important Crude Oil Inventories data from United States beat analyst expectations of 395,000 with a reading of -1.69 million.

Seagen was not the only decliner in the health care sector; Merck went down to $108.28, losing 2.69% after it closed at $111.27 yesterday. AbbVie went down to $149.6, losing 2.18% after it closed at $152.93 yesterday. Medtronic closed at $78.4 (down 1.68%).

Upcoming fundamentals: United States Non Farm Payrolls expected to decline to 205,000 while its preceding data was 517,000, data will be available tomorrow at 13:30 UTC.