| 
April 10, 2023
- Seagen is eyeing $202.65 as its nearest support level
- Bollinger analysis indicates upper Band® is at $206.25
Stable at $204.98 and still trending upwards, Today's session might suggest a slow down — after ending Thursday at $205.55, the biotechnology company recovers back to $204.98 after dipping down to $203.49 earlier today.
The stock has been trending positively for about 4 months. The past 3 months have been positive for the cancer therapies development company as it added 61.1% compared to its 3-month low of $108.81.
Seattle Genetics Inc made an initial breakout above its 5 day Simple Moving Average at $204, a potential indicator of a newly emerging bullish phase. Seagen is approaching key support, around $2.33 away from $202.65. 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. Despite this, Seagen's upper Bollinger Band® is at $206.25, suggesting that a downward move may follow.
Overall, looking at the technical analysis landscape, it seems Seagen might be pointing upward in the short term.
Meanwhile, mixed performances are seen in other health care stocks as Sanofi is down to $54.81, losing 2%, after ending Thursday at $55.93. After closing the previous session (Thursday) at $104.93, Abbott Laboratories lost $1.66 and is trading around $103.28. Thermo Fisher Scientific is down to $566, losing 1.63%, after ending Thursday at $575.35.
Upcoming fundamentals: United States EIA Short-Term Energy Outlook is expected tomorrow at 16:00 UTC.
