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June 01, 2023
Fresenius Medical Care is on a bit of a rollercoaster today: spiking to $21.61 only to drop back to $21.43, now rallying again to $21.52.
New United States Crude Oil Inventories improved upon the previous -12.46 million figure while also exceeding analyst expectations with a reading of 4.49 million.
Fresenius Medical Care's uptick comes amid good United States macroeconomic data released during the day — data for United States Crude Oil Inventories published today at 15:00 UTC came out at 4.49 million, beating projections of -1.10 million and showing improvement over the preceding figure of -12.46 million. Highly important Initial Jobless Claims data from United States beat analyst expectations of 235,000 with a reading of 232,000.
Meanwhile, United States ISM Manufacturing PMI (May) released today at 14:00 UTC with a figure of 46.9, while the previous figure was 47.1.
Fresenius Medical Care AG & Co. KGaA price action is currently oscillating around the $21.6 resistance level with prices moving above and below several times during the session. Despite posting gains so far today, Fresenius Medical Care slid below its 3 day Simple Moving Average at $21.49 in earlier trade — an early indicator that a negative trend could be emerging. On the other hand, note that Fresenius Medical Care's lower Bollinger Band® is at $21.09, indicating that the market is oversold and fertile for new buyers.
Technical analysis suggests there could be an imminent reversal for Fresenius Medical Care.
Rallies can also be seen in other health care stocks, Thermo Fisher Scientific is trading at $520.84 after ending yesterday's session at $508.46 (up 2.43%).
While Fresenius Medical Care is higher so far today, these health care stocks are struggling: after closing the previous session (yesterday) at $137.96, AbbVie lost $5.17 and is trading around $132.79. Amgen is down to $213.5, losing 3.24%, after ending yesterday at $220.65.
Furthermore, the market is looking at tomorrow at 12:30 UTC data for United States Non Farm Payrolls will be released, with an expected decline to 180,000 from the preceding figure of 253,000. Tomorrow at 12:30 UTC data for United States Average Hourly Earnings will be released, with an expected decline to 0.4% from the preceding figure of 0.5%. Projections for United States Unemployment Rate are set for a continuation of decline with 3.5 while previous data was 3.4; data will be released tomorrow at 12:30 UTC.
Fresenius Medical Care hit a significant low of $12.81 around 7 months ago, but has since recovered 67.29%.
