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April 09, 2023
Investors are currently sidelined due to the Good Friday holiday but will return to their desks tomorrow. Looking back over the previous session Thursday: pronounced bullish sentiment in the market helped the kidney dialysis specialist to make a notable 2.49% gain Thursday, rising 54 cents and ultimately closing at $22.23.
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. According to momentum evaluation, the Relative Strength Index indicates Fresenius Medical Care is currently 'overbought' which suggests new gains will be harder to obtain. According to asset volatility analysis, Fresenius Medical Care's upper Bollinger Band® is at $22.38, this is a slight indication of a slowdown. Visual analysis of Fresenius Medical Care's chart shows that Fresenius Medical Care is 8 cents away from testing key resistance at $22.31. Peaking above this level could inspire market bulls and open the path to further gains.
Overall, while Fresenius Medical Care has been on an uptrend, technical indicators suggest that it has no obvious direction for the immediate future.
A look at other health care stocks also showed bullish price action as Bristol-Myers Squibb Company gained 2.15%, as it traded at $70.74. Sanofi traded at $55.93 after closing Thursday's trading day at $54.84 (up 2%). Eli Lilly and Company added 1.67% to its value, and traded at $368.29.
The stock has been trending positively for about a month. The kidney dialysis specialist has managed to gain 39.31% so far this year despite trading at lows around $12.81 previously.
