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March 01, 2023
- Seagen is eyeing $176.67 as its nearest support level
- Seagen's upper Bollinger Band® is at $185.46 which indicates a further downward move may follow.
Though in the midst of a 7 day uptrend, gaining a total of 13.82%, ($23.1), Today's session suggests run might be coming to an end — slightly down but mostly flat: Seagen ranged between $178 and $182.45 before closing at $178.23.
The stock has been trending positively for about 2 months. The biotechnology company has gained 38.05% since its lowest print of $108.81 earlier this year.
Chart analysis suggests Seattle Genetics Inc could begin to recover as it approaches significant support, now $1.56 away from $176.67. Dipping below could be an indication that further losses are ahead. Trend analysis indicates 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. According to asset volatility analysis, Seagen's upper Bollinger Band® is at $185.46 which indicates a further downward move may follow.
Notwithstanding Seagen's appreciation in recent days, the technical outlook suggests its bullish run is now fading.
Fundamental indicators – data for United States Crude Oil Inventories released today at 15:30 UTC is better than expected with 1.17 million, but worse than previous figure of 7.65 million.
Seagen was not the only decliner in the health care sector; Pfizer lost 0.96% today and closed at $40.18.
On the other hand, positive performances could be seen by looking at other health care stocks as Amgen was up 1.96%. Novo Nordisk was up 1.33%.
Upcoming fundamentals: United States Initial Jobless Claims projected to come out at 195,000 — worse than previous data of 192,000; data will be released tomorrow at 13:30 UTC.
