Seagen is eyeing $195.52 as its nearest support level
Price action is currently stuck around the active Fibonacci support level of $196.52

Following 29 days of flat trade, Pointing in a similar direction, yesterday's session was more of the same — after ending Monday's session at $196.54, Seagen went up to $198.19 yesterday only to fall back and close at $196.48.

Trading mostly sideways for 2 months. The past 6 months have been positive for the cancer therapies development company as it appreciated 57.14%, having traded as low as $117.37.

Seagen's notable support and resistance levels: Seattle Genetics Inc is approaching key support, around 96 cents away from $195.52. 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. Concerning technical analysis and more specifically, trend indicators, Seagen made an initial breakout above its 10 day Simple Moving Average at $197.66, a potential indicator of a newly emerging bullish phase. Seagen formed a session range of $195.9 to $198.19 leaving buyers and sellers highly concentrated around an active Fibonacci support level of $196.52. According to asset volatility analysis, Seagen's upper Bollinger Band® is at $199.34, suggesting that a downward move may follow.

With market volatility ebbing, the current technical outlook indicates Seagen will remain range-bound for the immediate future.

Fundamental indicators – United States New Home Sales (May) came out at 763,000, while a consensus of analysts was expecting 675,000.

Meanwhile, mixed performances were seen by other health care stocks as Eli Lilly and Company traded at $464.5 after closing yesterday's trading day at $452.76 (up 2.59%). Thermo Fisher Scientific went down 2.38%, closed at $522.03. Pfizer went down to $36.42, losing 1.27% after it closed at $36.89 yesterday.

Upcoming fundamentals: United States Crude Oil Inventories is projected to outperform its last figure with -1.76 million. It previously stood at -3.83 million; data will be released today at 14:30 UTC.