Seagen builds bearish momentum towards key support at $194.72

• Price action honing in on likely support at $194.72
• Price action is currently stuck around the active Fibonacci support level of $194.75

After a 15 day of trading sideways Today's session suggests a further slow down: despite the risk-off mood, Seagen was range-bound between $194.7 to $196.02 and settled at $194.75.

Trading mostly sideways for a month. The past 6 months have been positive for the biotechnology company as it appreciated 65.78%, having traded as low as $117.37.

Trend analysis indicates that despite being in the red so far in the current trading session, Seattle Genetics Inc peaked above its 21 day Simple Moving Average around $195.62 — typically an early indicator of a new bullish trend beginning to emerge. Seagen is currently flirting with an active Fibonacci support level around $194.75. Asset volatility analysis shows that Seagen's upper Bollinger Band® is at $200.74 which indicates a further downward move may follow. Support/Resistance levels obtained from chart analysis indicate that Seagen could begin to recover as it approaches significant support, now 3 cents away from $194.72. Dipping below could be an indication that further losses are ahead.

With market volatility ebbing, the current technical outlook indicates Seagen will remain range-bound for the immediate future.

Fundamental indicators – United States Crude Oil Inventories published today at 14:30 UTC came out at -451,000, falling short of the 1 million projections and continuing its decline from the previous 4.49 million figure.

Seagen was not the only decliner in the health care sector; Novo Nordisk lost 2% today and closed at $157.53. Intuitive Surgical goes down 2.69% today to close at $315.72.

On the other hand, positive performances could be seen by looking at other health care stocks as Pfizer traded at $38.89 after closing today's trading day at $38.37 (up 1.36%).

Upcoming fundamentals: tomorrow at 12:30 UTC data for United States Initial Jobless Claims will be released, with an expected decline to 235,000 from the preceding figure of 232,000.