- $1.37 is Seagen's largest daily jump in 3 weeks.
- Price action is gradually approaching a key resistance hurdle at $201.12
Signs of life: 17 days of level trading might be coming to an end with a gain of 3.09% today Yesterday's session shows improvement: pronounced bullish sentiment in the market helped the biotechnology company to make a notable 0.69% gain yesterday, rising $1.37 and ultimately closing at $199.87.
The stock has been trending positively for about 5 months. The past 3 months have been positive for the cancer therapies development company as it added 47.44% compared to its 3-month low of $108.81.
Trend-focused traders would be interested to note that Seattle Genetics Inc made an initial breakout above its 5 day Simple Moving Average at $199.23, a potential indicator of a newly emerging bullish phase. According to asset volatility analysis, Bollinger Band® analysis indicates that current price action is approaching the upper band at $207.73, thereby suggesting that Seagen is becoming overvalued. Technical analysis of Seagen's past price action reveals multiple support and resistance levels: Seagen could be slowing down soon as it approaches resistance at $201.12. Of course, crossing it might suggest further gains are ahead.
All in all, the technical analysis suggests Seagen has no clear-cut direction.
Fundamental indicators – highly important Average Hourly Earnings data from United States beat analyst expectations of 0.3% with a reading of 0.5%.
A look at other health care stocks also showed bullish price action as Bristol-Myers Squibb Company added 1.98% to its value, and traded at $68.14. Sanofi was up 1.9%. Amgen traded at $236.53 after closing yesterday's trading day at $231.89 (up 2%).