- Next support is currently 68 cents away at $203.12
- Seagen looks below $204.76 (3 day Simple Moving Average) as signpost for new negative trend
In the midst of a 30 day bullish trend, Friday's session put the brakes on the ongoing uptrend — pronounced bearish sentiment in the market pushed the cancer therapies development company into a notable 0.24% slide Friday, falling 49 cents and ultimately closing at $203.8.
The stock has been trending positively for about 4 months. The past 3 months have been positive for the biotechnology company as it added 52.48% compared to its 3-month low of $108.81.
Seattle Genetics Inc made an initial break below its 3 day Simple Moving Average at $204.76, a possible indication of a forthcoming negative trend. Seagen's upper Bollinger Band® is at $207.22, suggesting that a downward move may follow. In contrast, Seagen is approaching key support, around 68 cents away from $203.12. 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.
Despite the market lacking direction, technical chart analysis strongly suggests Seagen is positioned for a downward move in the near term.
Meanwhile, mixed performances were seen by other health care stocks as Novo Nordisk added 4.4% to its value, and traded at $172.65. Eli Lilly and Company traded at $385.24 after closing Friday's trading day at $374.81 (up 2.78%). Medtronic traded at $85.73 after closing Friday's trading day at $83.49 (up 2.68%).
Upcoming fundamentals: United States Building Permits is expected tomorrow at 13:30 UTC.