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February 26, 2023
- Next support is currently $1.08 away at $160.29
- Seagen's upper Bollinger Band® is at $168 which indicates a further downward move may follow.
Though in the midst of a 4 day uptrend, gaining a total of 3.05%, ($5.6), Friday's session suggests run might be coming to an end — despite the risk-off mood, Seagen was range-bound between $160.34 to $162.56 and settled at $161.37.
The stock has been trending positively for about 2 months. The cancer therapies development company has gained 25.22% since its lowest print of $108.81 earlier this year.
Trend-focused traders would be interested to note that the Commodity Channel Index (CCI) indicator is above +100, meaning the market price is unusually high compared to the rolling average. Momentum evaluation shows that according to technical analysis of Seagen's Relative Strength Index (RSI), the market is currently overbought. Analysis based on the asset volatility indicates that Seagen's upper Bollinger Band® is at $168 which indicates a further downward move may follow. Seagen's notable support and resistance levels: Seagen could begin to recover as it approaches significant support, now $1.08 away from $160.29. Dipping below could be an indication that further losses are ahead.
Overall, while Seagen has been on an uptrend, technical indicators suggest that it has no obvious direction for the immediate future.
Seagen was not the only decliner in the health care sector; Abbott Laboratories lost 2.04% Friday and closed at $100.46. Eli Lilly and Company went down 1.8%, closed at $327.52. Pfizer went down to $41.75, losing 1.3% after it closed at $42.3 Friday.
Upcoming fundamentals: United States Core Durable Goods Orders is projected to outperform its last figure with 0.1%, having previously been at -0.2%. The figure will be published tomorrow at 13:30 UTC.
