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March 05, 2023
- Seagen drawing closer to significant resistance at $183.37 with potentially further upside ahead
- Seagen made an initial breakout above its 3 day Simple Moving Average at $178.86, a potential indicator of a newly emerging bullish phase.
Seagen has posted further gains as part of a 9 day trend that has already seen the stock gain $22.08. On-trend Seagen closed the session Friday with more of the same: after closing at $178.67 on Thursday, Seagen maintained a strong bullish bias that helped the stock close higher at $181.29 Friday. However, market bears ensured the the cancer therapies development company topped out at $182.48 and that by the end of the session, the market had marked out a distinct $177.44 to $182.48 range.
The stock has been trending positively for about 3 months. Having set a significant high of $181.29 2 days ago, the biotechnology company is trading 1.45% lower.
Seattle Genetics Inc made an initial breakout above its 3 day Simple Moving Average at $178.86, a potential indicator of a newly emerging bullish phase. On the other hand, note that Seagen could be slowing down soon as it approaches resistance at $183.37. Of course, crossing it might suggest further gains are ahead.
Overall, looking at the technical analysis landscape, it seems Seagen might continue pointing upwards in the short term.
This rally in Seagen's share price coincided with other health care stocks as Stryker traded at $271.53 after closing Friday's trading day at $262.09 (up 3.6%). Abbott Laboratories traded at $104.45 after closing Friday's trading day at $102.63 (up 1.77%). Thermo Fisher Scientific traded at $559.44 after closing Friday's trading day at $548.75 (up 1.95%).
