Price action honing in on likely support at $204.65
Seagen made an initial breakout above its 10 day Simple Moving Average at $205.25, a potential indicator of a newly emerging bullish phase.

Stable at $205 and still trending upwards, Yesterday's session put the brakes on the ongoing uptrend — a quiet day for Seagen as it remained range-bound within a $204.75 – $205.41 range before closing at $205.

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 55.3% compared to its 3-month low of $108.81.

Seagen chart analysis: Seattle Genetics Inc is approaching key support, around 35 cents 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. Trend-focused traders would be interested to note that Seagen made an initial breakout above its 10 day Simple Moving Average at $205.25, a potential indicator of a newly emerging bullish phase. According to momentum evaluation, the Relative Strength Index indicates Seagen is currently 'overbought' which suggests new gains will be harder to obtain. Analysis based on the asset volatility indicates that Seagen's upper Bollinger Band® is at $208.45, 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 – following a previous reading of 597,000, Crude Oil Inventories in United States released yesterday at 14:30 UTC fell short of the -1 million figure expected by analysts with an actual reading of -4.58 million.

Meanwhile, mixed performances were seen by other health care stocks as Abbott Laboratories was up 7.82%. Intuitive Surgical gained 10.88%, as it traded at $298.57. Medtronic was up 3.94%.

Upcoming fundamentals: United States Philadelphia Fed Manufacturing Index (Apr) scheduled to come out today at 12:30 UTC.