Yesterday at a glance: having closed Wednesday at $21.85, bullish sentiment helped Fresenius Medical Care to reach highs around $22.61 before paring gains and ending yesterday at $22.61.
Nevertheless, United States Producer Price Index published yesterday at 12:30 UTC came out at -0.5%, falling short of the 0.1% projections and continuing its decline from the previous 0% figure. Following a previous reading of 228,000, Initial Jobless Claims in United States released yesterday at 12:30 UTC fell short of the 232,000 figure expected by analysts with an actual reading of 239,000.
Meanwhile, United States Fed's Balance Sheet released yesterday at 20:30 UTC with a figure of 8.62 trillion, while the previous figure was 8.63 trillion.
Trend analysis indicates that the Commodity Channel Index (CCI) indicator is above +100, meaning the market price is unusually high compared to the rolling average. Momentum evaluation shows that according to technical analysis of Fresenius Medical Care's Relative Strength Index (RSI), the market is currently overbought. Analysis based on the asset volatility indicates that Bollinger Band® analysis indicates that current price action is approaching the upper band at $23.11, thereby suggesting that Fresenius Medical Care is becoming overvalued. Chart analysis indicates Fresenius Medical Care could be slowing down soon; it is getting close to the resistance line and is now at $22.72, only 11 cents away. Crossing the resistance line could, however, suggest that further gains are ahead.
With market volatility ebbing, the current technical outlook indicates Fresenius Medical Care will remain range-bound for the immediate future.
This rally in Fresenius Medical Care's share price coincided with other health care stocks as Novo Nordisk added 2.52% to its value, and traded at $167.64. Novartis gained 1.81%, as it traded at $98.22. Thermo Fisher Scientific gained 2.03%, as it traded at $591.13.
Furthermore, the market is looking at United States Core Retail Sales projected to come out at -0.3% — worse than previous data of -0.1%; data will be released today at 12:30 UTC.
Elsewhere, United States Retail Sales figure is projected at -0.4%. It previously stood at -0.4%; data will be released today at 12:30 UTC.
The stock has been trending positively for about a month. This year has been a bright one for the kidney dialysis specialist after trading as low as $12.81 and going on to appreciate by 42.35% year to date.