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June 21, 2023
- Price action honing in on likely support at $196.56
- Bollinger analysis indicates upper Band® is at $198.96
With around 24 days of flat trade under its belt, Pointing in a similar direction, yesterday's session was more of the same — although Seagen increased from $198.32 to $199.56, the stock dropped back and is now priced at $198.78.
Trading mostly sideways for 2 months. The biotechnology company has managed to gain 54.65% so far this year despite trading at lows around $117.37 previously.
Seattle Genetics Inc made an initial breakout above its 50 day Simple Moving Average at $198.8, a potential indicator of a newly emerging bullish phase. Seagen is approaching key support, around $2.22 away from $196.56. 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 $198.96, suggesting that a downward move may follow.
With market volatility ebbing, the current technical outlook indicates Seagen will break higher above its recent ranges in the immediate future.
Fundamental indicators – United States Building Permits (May) came out at 1.49 million, while a consensus of analysts was expecting 1.43 million.
Meanwhile, mixed performances were seen by other health care stocks as Pfizer went down to $39.34, losing 1.8% after it closed at $40.06 yesterday. UnitedHealth was up 2.38%. Sanofi gained 2.04%, as it traded at $53.1.
Upcoming fundamentals: United States Crude Oil Inventories projected to come out at 1.87 million — worse than previous data of 7.92 million; data will be released tomorrow at 15:00 UTC.
