Seagen hones in on key resistance at $198.8

• Price action is gradually approaching a key resistance hurdle at $198.8
• Price action broke $1.85 above known Fib level ($194.75)

Signs of life: 18 days of level trading might be coming to an end with a gain of 4.78% today Friday's session shows improvement: ending Thursday at $194.72, the cancer therapies development company rallied 0.97% Friday and stayed at the $196.6 level.

Trading mostly sideways for a month. This year has been a bright one for the cancer therapies development company after trading as low as $117.37 and going on to appreciate by 53.48% year to date.

Support/Resistance levels obtained from chart analysis indicate that Seattle Genetics Inc could be slowing down soon as it approaches resistance at $198.8. Of course, crossing it might suggest further gains are ahead. Technical analysis trend indicators suggest that Seagen made an initial breakout above its 21 day Simple Moving Average at $195.2, a potential indicator of a newly emerging bullish phase. Price action overcame a known Fibonacci resistance level at $194.75 by around $1.85 with prices hammering out a $194 – $198.66 session range. According to asset volatility analysis, Bollinger Band® analysis indicates that current price action is approaching the upper band at $199.06, thereby suggesting that Seagen is becoming overvalued.

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

A look at other health care stocks also showed bullish price action as Stryker was up 1.4%. Abbott Laboratories was up 0.9%. Medtronic traded at $83.73 after closing Friday's trading day at $83.1 (up 0.76%).