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April 07, 2023
- Price action honing in on likely support at $204.84
- Bollinger analysis indicates upper Band® is at $206.37
Stable at $205.55 and still trending upwards, Yesterday's session put the brakes on the ongoing uptrend — without a clear direction, Seagen closed at $205.55 while ranging between $205 and $206.38.
The stock has been trending positively for about 4 months. The biotechnology company has gained 59.97% since its lowest print of $108.81 earlier this year.
Chart analysis suggests Seattle Genetics Inc is approaching key support, around 71 cents away from $204.84. Dipping below could indicate further losses are ahead while a failure to break below this level is likely to be seen positively by market bulls. Trend and momentum analysis indicates that the Commodity Channel Index (CCI) indicator is above +100, meaning the market price is unusually high compared to the rolling average. Momentum evaluation shows that according to technical analysis of Seagen's Relative Strength Index (RSI), the market is currently overbought. Analysis based on the asset volatility indicates that Seagen's upper Bollinger Band® is at $206.37, suggesting that a 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 Initial Jobless Claims fell short of the 200,000 projections, with new data of 228,000.
Meanwhile, mixed performances were seen by other health care stocks as Bristol-Myers Squibb Company was up 2.15%. Sanofi gained 2%, as it traded at $55.93. Eli Lilly and Company traded at $368.29 after closing yesterday's trading day at $362.24 (up 1.67%).
Upcoming fundamentals: projections for United States Non Farm Payrolls are set for a continuation of decline with 239,000 while previous data was 311,000; data will be released today at 12:30 UTC.
