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May 03, 2023
Yesterday at a glance: in yesterday's bearish session, the US-German healthcare company shed around 1.5% in quick fashion, found support around the $23.41 level and finally closed at $23.64. In contrast, the day's events followed Monday's session in which the stock closed at $24.
United States ADP Nonfarm Employment Change (Apr) is next today at 12:15 UTC.
Amid the market gloom, United States JOLTs Job Openings (Mar) came out at 9.59 million, while a consensus of analysts was expecting 9.78 million. United States API Weekly Crude Oil Stock released yesterday at 20:30 UTC with a figure of -3.94 million, while the previous figure was -6 million. United States Factory Orders improved upon its previous reading of -1.1% with a new data release of 0.9%.
Fresenius Medical Care AG & Co. KGaA could begin to recover as it approaches significant support, now 33 cents away from $23.31. Dipping below could be an indication that further losses are ahead. Despite being in the red so far in the current trading session, Fresenius Medical Care peaked above its 5 day Simple Moving Average around $23.62 — typically an early indicator of a new bullish trend beginning to emerge.
Overall, looking at the technical analysis landscape, it seems Fresenius Medical Care —which is currently on a downtrend— might reverse course and start pointing upward in the short term.
Fresenius Medical Care was not the only decliner in the health care sector; Stryker went down to $293.89, losing 2% after it closed at $299.89 yesterday.
On the other hand, positive performances could be seen by looking at other health care stocks as Merck gained 1.33%, as it traded at $117.89. Johnson & Johnson was up 0.87%.
With markets struggling for positive sentiment, upcoming macro data could potentially attract buyers in the market as projections for United States Initial Jobless Claims are set for a continuation of decline with 240,000 while previous data was 230,000; data will be released tomorrow at 12:30 UTC.
Moreover, United States Crude Oil Inventories is projected to outperform its last figure with -1.1 million. It previously stood at -5 million; data will be released today at 14:30 UTC.
Furthermore, United States Interest Rate is expected today at 18:00 UTC.
The kidney dialysis specialist has gained 45.72% since its lowest print of $12.81 earlier this year.
