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June 28, 2023
After closing the previous trading day at $23, Fresenius Medical Care is up to $23.6, which makes for a move of 2.56%/60 cents today.
United States Crude Oil Inventories data will be released today at 14:30 UTC, with an expected improvement to -1.76 million (previous figure was -3.83 million).
Fresenius Medical Care's uptick comes amid good United States macroeconomic data released during the day — highly important Consumer Confidence data from United States beat analyst expectations of 104 with a reading of 109.7. Data for United States Core Durable Goods Orders published yesterday at 12:30 UTC came out at 0.6%, beating projections of -0.1% and showing improvement over the preceding figure of -0.6%.
At the same time, United States New Home Sales (May) released yesterday at 14:00 UTC with a figure of 763,000, while the previous figure was 680,000.
As the trading day commences, technical analysis suggests Fresenius Medical Care AG & Co. KGaA could be slowing down soon; it is getting close to the resistance line and is now at $23.92, only 32 cents away. Crossing the resistance line could, however, suggest that further gains are ahead.
A look at other health care stocks also shows bullish price action as Stryker is trading at $301.16 after ending yesterday's session at $298.75 (up 0.81%).
At the same time, Bristol-Myers Squibb Company is down 1.87% from the beginning of the session and now trades around $63.54. After closing the previous session (yesterday) at $482.56, UnitedHealth lost $4.72 and is trading around $477.84.
Moreover, macro data could boost sentiment further as United States Crude Oil Inventories is projected to outperform its last figure with -1.76 million. It previously stood at -3.83 million; data will be released today at 14:30 UTC.
Furthermore, the market is looking at tomorrow at 12:30 UTC data for United States GDP will be released, with an expected decline to 1.4 from the preceding figure of 2.6. Projections for United States Initial Jobless Claims are set for a continuation of decline with 266,000 while previous data was 264,000; data will be released tomorrow at 12:30 UTC.
The US-German healthcare company has appreciated 45.08% over the past six months.
