Though in the midst of a 4 day uptrend, gaining a total of 6.24%, ($1.48), Yesterday's session suggests run might be coming to an end — despite the risk-off mood, Fresenius Medical Care was range-bound between $23.09 to $23.39 and settled at $23.16.
Core Durable Goods Orders data from United States will be released today at 12:30 UTC with analysts expecting a decline to -0.2%. Potentially significant price fluctuations in Fresenius Medical Care are expected to follow.
United States Consumer Confidence fell short of the 104 projections, with new data of 101.3.
Meanwhile, United States New Home Sales (Mar) came out at 683,000, while a consensus of analysts was expecting 630,000. United States Building Permits released yesterday at 12:10 UTC with a figure of 1.43 million, while the previous figure was 1.55 million.
Trend-focused traders would be interested to note that investors are seeking long positions as Fresenius Medical Care AG & Co. KGaA price action surged above +100 — a key CCI threshold indicating an imminent bullish trend. Analysis based on the asset volatility indicates that Fresenius Medical Care's upper Bollinger Band® is at $23.68 which indicates a further downward move may follow. Chart analysis suggests Fresenius Medical Care could begin to recover as it approaches significant support, now 12 cents away from $23.04. Dipping below could be an indication that further losses are ahead.
Notwithstanding Fresenius Medical Care's appreciation in recent days, the technical outlook suggests its bullish run is now fading.
Fresenius Medical Care was not the only decliner in the health care sector; Thermo Fisher Scientific drops 4.51% yesterday to close at $574.3.
On the other hand, positive performances could be seen by looking at other health care stocks as Novartis gained 3.43%, as it traded at $104.04.
With markets struggling for positive sentiment, upcoming macro data could potentially attract buyers in the market as projections for United States Core Durable Goods Orders are set for a continuation of decline with -0.2% while previous data was -0.1%; data will be released today at 12:30 UTC. Tomorrow at 14:00 UTC data for United States Pending Home Sales will be released, with an expected decline to 0.5% from the preceding figure of 0.8%.
Some optimism can drawn from the fact that United States Crude Oil Inventories is projected to outperform its last figure with -1.49 million. It previously stood at -4.58 million; data will be released today at 14:30 UTC.
The US-German healthcare company has managed to gain 43.44% so far this year despite trading at lows around $12.81 previously.