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May 03, 2023- Price action is gradually approaching a key resistance hurdle at $200.4
- The lower Bollinger Band® is currently at $198.9 while the higher band is at $207.93
Signs of life: 14 days of level trading might be coming to an end with a gain of 3.06% today Yesterday's session shows improvement: the cancer therapies development company went up to $199.93, gaining 0.39%.
The stock has been trending positively for about 5 months. The cancer therapies development company now trading 43.63% above its 3-month low of $108.81.
Bollinger Band® analysis indicates that current price action is approaching the upper band at $207.93, thereby suggesting that Seattle Genetics Inc is becoming overvalued. Seagen is 47 cents away from testing key resistance at $200.4. Peaking above this level could inspire market bulls and open the path to further gains. In contrast, Seagen made an initial breakout above its 3 day Simple Moving Average at $199.97, a potential indicator of a newly emerging bullish phase.
Technical analysis suggests there could be an imminent reversal for Seagen.
Fundamental indicators – United States JOLTs Job Openings (Mar) released yesterday at 14:00 UTC with a figure of 9.59 million, while the previous figure was 9.97 million.
A look at other health care stocks also showed bullish price action as Merck was up 1.33%. Johnson & Johnson gained 0.87%, as it traded at $165.03.
While Seagen was bullish yesterday, the following health care stocks underperformed: Stryker lost 2% yesterday and closed at $293.89.
Upcoming fundamentals: United States Crude Oil Inventories is projected to outperform its last figure with -1.1 million. It previously stood at -5 million; data will be released today at 14:30 UTC.
