- Key support at $126.37 holds firm despite apparent early break
- Falling prices have precipitated Seagen's approach to its lower Bollinger Band® at $124.91
Seagen's bearish run has lasted 6 days so far (-$2.15). More of the same from yesterday's session: an influx of sellers pushed the cancer therapies development company to end the session lower around $127.8, while establishing a $126.31 to $129.12 session range yesterday.
Pointing downwards for around 4 months. The cancer therapies development company is now trading 26.77% below its 3-month high of $190.86.
Despite being in the red so far in the current trading session, Seattle Genetics Inc peaked above its 10 day Simple Moving Average around $128.67 — typically an early indicator of a new bullish trend beginning to emerge. Bollinger Bands® shows an indication of recovery: the lower band is at $124.91, a low enough level to, generally, suggest that Seagen is trading below its fair value. After reaching the $126.37 support zone, Seagen bounced and climbed $1.43 above it.
Technical analysis indicates that Seagen (currently on a downtrend) might reverse course and start pointing upward in the short term.
Fundamental indicators – United States ISM Non-Manufacturing PMI (Oct) came out at 54.4, while a consensus of analysts was expecting 55.5.
Seagen was not the only decliner in the health care sector; Medtronic lost 2.05% yesterday and closed at $84.
On the other hand, positive performances could be seen by looking at other health care stocks as Anthem was up 2.71%. Eli Lilly and Company gained 1.89%, as it traded at $361.68.
Upcoming fundamentals: today at 12:30 UTC data for United States Non Farm Payrolls will be released, with an expected decline to 200,000 from the preceding figure of 263,000.