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April 17, 2023
- Seagen is eyeing $204.65 as its nearest support level
- Bollinger analysis indicates upper Band® is at $208.27
On a 25 day uptrend, Today's session might suggest a slow down — Seagen is on a bit of a rollercoaster today: spiking to $206.35 only to drop back to $205.5, now rallying again to $205.83.
The stock has been trending positively for about 4 months. The past 3 months have been positive for the biotechnology company as it added 58.25% compared to its 3-month low of $108.81.
Seattle Genetics Inc's upper Bollinger Band® is at $208.27, suggesting that a downward move may follow. Despite this, Seagen is approaching key support, around $1.18 away from $204.65. 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 the market lacking direction, technical chart analysis strongly suggests Seagen is positioned for a downward move in the near term.
Fundamental indicators – United States NY Empire State Manufacturing Index (Apr) released today at 12:30 UTC with a figure of 10.8, while the previous figure was -24.6.
Meanwhile, mixed performances are seen in other health care stocks as UnitedHealth is down to $503.87, losing 1.55%, after ending Friday at $511.79. Medtronic added 1.13% to its value, now trading at $81.62. Novo Nordisk is up 1.02%.
Upcoming fundamentals: United States Building Permits (Mar) scheduled to come out tomorrow at 12:30 UTC.
