Seagen builds bearish momentum towards key support at $201.36

• Seagen is eyeing the $201.36 support level
• Seagen's upper Bollinger Band® is at $205.54 which indicates a further downward move may follow.

While Seagen is on a 4 day uptrend Now turning against its recent performance, slightly weaker but mostly flat: Seagen is currently trading at $201.6 as it maintains an active range between $201.47 and $203.5.

The stock has been trending positively for about 4 months. The cancer therapies development company now trading 57.32% above its 3-month low of $108.81.

Technical analysis shows that Seattle Genetics Inc could begin to recover as it approaches significant support, now 24 cents away from $201.36. Dipping below could be an indication that further losses are ahead. Concerning technical analysis and more specifically, trend indicators, the Commodity Channel Index (CCI) indicator is above +100, meaning the market price is unusually high compared to the rolling average. According to momentum evaluation, the Relative Strength Index indicates Seagen is in an overbought condition. According to asset volatility analysis, Seagen's upper Bollinger Band® is at $205.54 which indicates a further downward move may follow.

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

Fundamental indicators – United States ISM Manufacturing PMI (Mar) came out at 46.3, while a consensus of analysts was expecting 47.5.

Positive performances can be seen by looking at other health care stocks as UnitedHealth is up 4%. Merck gained 2.02%, currently at $108.54. Pfizer is trading at $41.41 after ending Friday's session at $40.8 (up 1.51%).

Upcoming fundamentals: United States JOLTs Job Openings (Feb) is scheduled for tomorrow at 14:00 UTC.