- Seagen hasn't been as low as $116.92 in 6 months.
- A crossing of the lower Bollinger Band® at $118.89 suggests further losses may follow for Seagen.
Having fallen $16.74 in 13 days, More of the same from yesterday's session: the biotechnology company dropped 3.18% early on and traded close to the $117.37 level.
The biotechnology company has shed 24.81% over the past three months.
The Commodity Channel Index (CCI) indicator is below -100, meaning the market price is unusually low and below its rolling moving average. Technical analysis indicates that a new, strong downtrend could be forthcoming with short positions favored. Seagen has just crossed the lower Bollinger Band® at $118.89, indicating further losses could be forthcoming. In contrast, Seagen could begin to recover as it approaches significant support, now $1 away from $118.38. Dipping below could be an indication that further losses are ahead.
In the short term, Seagen is expected to maintain its recent downtrend and continue spiralling lower.
Fundamental indicators – highly important Consumer Confidence data from United States beat analyst expectations of 100 with a reading of 100.2.
Seagen was not the only decliner in the health care sector; Johnson & Johnson went down to $176.09, losing 0.7% after it closed at $177.33 yesterday. UnitedHealth closed at $528 (down 0.8%).
On the other hand, positive performances could be seen by looking at other health care stocks as Sanofi was up 0.72%.
Upcoming fundamentals: United States Pending Home Sales is projected to outperform its last figure with -5%. It previously stood at -10.2%; data will be released today at 15:00 UTC.