Seagen hones in on key resistance at $201.12

• $1.37 is Seagen's largest daily jump in 3 weeks.
• Price action is gradually approaching a key resistance hurdle at $201.12

Signs of life: 17 days of level trading might be coming to an end with a gain of 3.09% today Friday's session shows improvement: bullish sentiment helped the cancer therapies development company to hammer out a noteworthy $198.23 to $200.91 range Friday, and finally closing at $199.87 to end the session.

The stock has been trending positively for about 5 months. The cancer therapies development company now trading 45.88% above its 3-month low of $108.81.

Trend analysis indicates that Seattle Genetics Inc made an initial breakout above its 5 day Simple Moving Average at $199.23, a potential indicator of a newly emerging bullish phase. Analysis based on the asset volatility indicates that Bollinger Band® analysis indicates that current price action is approaching the upper band at $207.73, thereby suggesting that Seagen is becoming overvalued. Technical analysis shows that Seagen could be slowing down soon as it approaches resistance at $201.12. Of course, crossing it might suggest further gains are ahead.

All in all, the technical analysis suggests Seagen has no clear-cut direction.

This rally in Seagen's share price coincided with other health care stocks as Bristol-Myers Squibb Company was up 1.98%. Sanofi gained 1.9%, as it traded at $55.77. Amgen traded at $236.53 after closing Friday's trading day at $231.89 (up 2%).

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