- Price action is gradually approaching a key resistance hurdle at $129
- Market bulls strengthened by lower Bollinger Band® currently at $123.47
Seagen is in the midst of a 9 day downtrend. Today's positive session could indicate a brief correction amid a broader downtrend, or, the start of a potential reversal. The biotechnology company closed yesterday at $123.48. Today, it went up to $124.74 only to drop back, but is still positive overall — trading around $124.14.
The biotechnology company has shed 25.78% over the past three months.
As the trading day comes to an end, chart analysis indicates Seattle Genetics Inc could be slowing down soon as it approaches resistance at $129. Of course, crossing it might suggest further gains are ahead. Trend and momentum analysis indicates that 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. Asset volatility analysis shows that Seagen's lower Bollinger Band® is at $123.47, indicating that the market is oversold and fertile for new buyers.
Overall, the technical outlook suggests Seagen is likely to remain muted for the immediate future, with no clear-cut direction.
Fundamental indicators – United States 7-Year Note Auction released today at 18:00 UTC with a figure of 3.89, while the previous figure was 4.027.
This rally in Seagen's share price coincides with other health care stocks as Anthem is trading at $482.58 after ending yesterday's session at $469.87 (up 2.71%). Pfizer gained 1.82%, currently at $49.05.
While Seagen is higher so far today, these health care stocks are struggling: after closing the previous session (yesterday) at $82.29, Medtronic lost $4.4 and is trading around $77.89.
Upcoming fundamentals: United States Core Durable Goods Orders is projected to outperform its last figure with 0.1%, having previously been at -0.5%. The figure will be published tomorrow at 13:30 UTC.