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May 21, 2023
- Seagen is eyeing the $192.52 support level
- Price action breaks below known Fib level ($193.4) with $189.43 the next target
Though in the midst of a 4 day uptrend, gaining a total of 3%, ($6.51), Friday's session suggests run might be coming to an end — slightly down but mostly flat: Seagen ranged between $193.15 and $195.33 before closing at $193.3.
Pointing downwards for around a month. The cancer therapies development company has gained 49.86% since its lowest print of $117.37 earlier this year.
Seattle Genetics Inc could begin to recover as it approaches significant support, now 78 cents away from $192.52. Dipping below could be an indication that further losses are ahead. Despite being in the red so far in the current trading session, Seagen peaked above its 5 day Simple Moving Average around $194.68 — typically an early indicator of a new bullish trend beginning to emerge. Seagen's lower Bollinger Band® is at $190.69, indicating that the asset has overextended to the downside and could, therefore, bounce back as buyers look for bargains. In contrast, after descending below strong Fibonacci support at $193.4, market bears have earmarked $189.43 as the next downside target.
Despite suffering losses in today's session, technical analysis is indicating that Seagen will undergo a significant bounce in the immediate term.
On the other hand, positive performances could be seen by looking at other health care stocks as Sanofi added 2.17% to its value, and traded at $55.03. Merck was up 1.31%. AbbVie traded at $145.11 after closing Friday's trading day at $143.44 (up 1.16%).
