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June 24, 2023
- Price action honing in on likely support at $197.59
- Seagen's upper Bollinger Band® is at $199.75 which indicates a further downward move may follow.
After a 27 day of trading sideways Yesterday's session suggests a further slow down: grinding lower but with no clear-cut direction, the cancer therapies development company closed the session at $198.22 after forming a distinct $198 – $199.67 range.
Trading mostly sideways for 2 months. The biotechnology company has gained 53.73% since its lowest print of $117.37 earlier this year.
Seattle Genetics Inc made an initial break below its 50 day Simple Moving Average at $198.42, a possible indication of a forthcoming negative trend. Seagen's upper Bollinger Band® is at $199.75 which indicates a further downward move may follow. Despite this, Seagen could begin to recover as it approaches significant support, now 63 cents away from $197.59. 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 Seagen to extend its recent losses.
Fundamental indicators – United States Services PMI released yesterday at 13:45 UTC with a figure of 54.1, while the previous figure was 54.9.
Seagen was not the only decliner in the health care sector; Astrazeneca PLC lost 2.47% yesterday and closed at $72.12. Pfizer went down 1.11%, closed at $38.73. AbbVie closed at $135.92 (down 1.08%).
