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Trading Signals

Seagen eyeing key support at $204.11

12 April 2023

SGEN

Seagen is eyeing $204.11 as its nearest support level
Bollinger analysis indicates upper Band® is at $208.05

Stable at $206.35 and still trending upwards, Today's session might suggest a slow down — without a clear-cut direction, Seagen is trading around $206.35 and ranging between $204.91 and $206.88.

The stock has been trending positively for about 4 months. The past 3 months have been positive for the biotechnology company as it added 56.11% compared to its 3-month low of $108.81.

Trend-following investors would be interested to note that investors are seeking long positions as Seattle Genetics Inc price action surged above +100 — a key CCI threshold indicating an imminent bullish trend. Momentum evaluation shows that according to technical analysis of Seagen's Relative Strength Index (RSI), the market is currently overbought. Analysis based on the asset volatility indicates that Seagen's upper Bollinger Band® is at $208.05, suggesting that a downward move may follow. Analysis of Seagen's recent price action suggests Seagen is approaching key support, around $2.24 away from $204.11. Dipping below could indicate further losses are ahead while a failure to break below this level is likely to be seen positively by market bulls.

Overall, while Seagen has been on an uptrend, technical indicators suggest that it has no obvious direction for the immediate future.

Fundamental indicators – following a previous reading of 0%, Core Retail Sales in United States released today at 12:30 UTC fell short of the -0.3% figure expected by analysts with an actual reading of -0.8%.

Meanwhile, mixed performances are seen in other health care stocks as after closing the previous session (yesterday) at $526.23, UnitedHealth lost $13.67 and is trading around $512.56. Pfizer is down to $40.98, losing 1.18%, after ending yesterday at $41.47. After closing the previous session (yesterday) at $74.77, Astrazeneca PLC lost 89 cents and is trading around $73.88.

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