- Price action is gradually approaching a key resistance hurdle at $137.7
- Seagen made an initial breakout above its 21 day Simple Moving Average at $136.73, a potential indicator of a newly emerging bullish phase.
6 days and $2.45 of gains are not enough for Seagen. Yesterday's session pointed in the same direction — the biotechnology company went up to $136, gaining 1.94%.
Trending downwards for around 3 months. The biotechnology company is now trading 19.58% below its 3-month high of $190.86.
Trend-focused traders would be interested to note that Seattle Genetics Inc made an initial breakout above its 21 day Simple Moving Average at $136.73, 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 $141.58, thereby suggesting that Seagen is becoming overvalued. Technical analysis of Seagen's past price action reveals multiple support and resistance levels: Seagen is $1.71 away from testing key resistance at $137.7. Peaking above this level could inspire market bulls and open the path to further gains.
Notwithstanding Seagen's appreciation in recent days, the technical outlook suggests its bullish run is now fading.
Fundamental indicators – United States NY Empire State Manufacturing Index (Oct) released yesterday at 12:30 UTC with a figure of -9.1, while the previous figure was -1.5.
This rally in Seagen's share price coincided with other health care stocks as Abbott Laboratories was up 2.59%. Novartis added 2.25% to its value, and traded at $77.27. Thermo Fisher Scientific traded at $517.23 after closing yesterday's trading day at $503.05 (up 2.82%).
Upcoming fundamentals: United States Crude Oil Inventories projected to decline to 1.55 million while previous data was 9.88 million; data will be released tomorrow at 14:30 UTC.