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June 15, 2023
- Seagen drawing closer to significant resistance at $197.79 with potentially further upside ahead
- Upper Bollinger Band® currently at $197.53
Finally showing signs of life after 21 days of trading sideways, Todays session shows some improvement: Seagen is on a bit of a rollercoaster today: spiking to $197.45 only to drop back to $196.21, now rallying again to $197.1.
Trading mostly sideways for 2 months. The cancer therapies development company has managed to gain 52.46% so far this year despite trading at lows around $117.37 previously.
Trend-following investors would be interested to note that investors are seeking long positions as Seattle Genetics Inc price action surged above +100 — a key CCI threshold indicating an imminent bullish trend. According to asset volatility analysis, Bollinger Band® analysis indicates that current price action is approaching the upper band at $197.53, thereby suggesting that Seagen is becoming overvalued. Visual analysis of Seagen's chart shows that Seagen could be slowing down soon; it is getting close to the resistance line and is now at $197.79, only 69 cents away. Crossing the resistance line could, however, suggest that further gains are ahead.
With market volatility ebbing, the current technical outlook indicates Seagen will remain range-bound for the immediate future.
Fundamental indicators – highly important Retail Sales data from United States beat analyst expectations of -0.1% with a reading of 0.3%.
A look at other health care stocks also shows bullish price action as Astrazeneca PLC is up 2.6% to $74.66. UnitedHealth is trading at $471.31 after ending yesterday's session at $458 (up 2.91%). Novartis is trading at $101.16 after ending yesterday's session at $99.68 (up 1.48%).
