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May 28, 2023- Price action honing in on likely support at $192.08
- Price action is currently stuck around the active Fibonacci support level of $194.75
Though in the midst of a 9 day uptrend, gaining a total of 3.12%, ($6.8), The prevailing bullish trend is beginning to fade following Friday's downbeat session. Despite the risk-off mood, Seagen was range-bound between $192.5 to $195.73 and settled at $193.49.
Trending downwards for around a month. The biotechnology company has managed to gain 49.97% so far this year despite trading at lows around $117.37 previously.
Seattle Genetics Inc made an initial break below its 10 day Simple Moving Average at $194.64, a possible indication of a forthcoming negative trend. Seagen formed a session range of $192.5 to $195.73 leaving buyers and sellers highly concentrated around an active Fibonacci support level of $194.75. Seagen's upper Bollinger Band® is at $203.07 which indicates a further downward move may follow. On the other hand, note that Seagen could begin to recover as it approaches significant support, now $1.41 away from $192.08. Dipping below could be an indication that further losses are ahead.
Several technical indicators are adding weight to the bearish momentum seen Friday and forecasting Seagen to extend its recent losses.
Seagen was not the only decliner in the health care sector; Medtronic went down to $81.46, losing 2.49% after it closed at $83.54 Friday. Bristol-Myers Squibb Company went down to $63.82, losing 1.15% after it closed at $64.56 Friday. Merck went down to $111.07, losing 1.1% after it closed at $112.3 Friday.
