- Price action is gradually approaching a key resistance hurdle at $131.78
- Known Fib level $130.09 serving as battleground for bulls and bears
After 7 days of level trading, Seagen went up. Yesterday's session shows improvement: generally flat but with a slight bullish bias, Seagen ranged between $128.53 and $131.44 before closing higher at $130.49.
The stock has been trending positively for about a month. The cancer therapies development company is now trading 27.9% below the significant high of $180.11 it set around 6 months ago.
Seagen's notable support and resistance levels: Seattle Genetics Inc is $1.29 away from testing key resistance at $131.78. Peaking above this level could inspire market bulls and open the path to further gains. Trend-following investors would be interested to note that Seagen made an initial breakout above its 21 day Simple Moving Average at $130.34, a potential indicator of a newly emerging bullish phase. Seagen is currently trading around the $130.09 Fibonacci resistance level. According to asset volatility analysis, Seagen's upper Bollinger Band® is at $136.83, this is a slight indication of a slowdown.
All in all, the technical analysis suggests Seagen has no clear-cut direction.
Fundamental indicators – United States Producer Price Index fell short of the -0.1% projections, with new data of -0.5%.
While Seagen was bullish yesterday, the following health care stocks underperformed: Pfizer went down 2.34%, closed at $46.08. AbbVie falls 2.38% yesterday to close at $152.83. Medtronic lost 2.02% yesterday and closed at $78.73.
Upcoming fundamentals: projections for United States Crude Oil Inventories are set for a continuation of decline with -593,000 while previous data was 18.96 million; data will be released today at 16:00 UTC.