- Price action backs away from resistance at $165.2 despite bullish mood
- Upper Bollinger Band® currently at $159.25
Seagen has posted further gains as part of a 6 day trend that has already seen the stock gain $25.5. Friday's session pointed in the same direction — Seagen ended Thursday at $160.91. Friday it went up to $164.89 only to drop back, yet still managed to close at $162.53.
The stock has been trending positively for about 2 months. The cancer therapies development company has managed to gain 26.62% so far this year despite trading at lows around $108.81 previously.
Seagen's notable support and resistance levels: although Seattle Genetics Inc is appreciating today after rising as high as $164.89, price action is now slowing and consolidating around $2.67 below the $165.2 resistance level. Concerning technical analysis and more specifically, trend indicators, investors are seeking long positions as Seagen price action surged above +100 — a key CCI threshold indicating an imminent bullish trend. Momentum evaluation shows that the Relative Strength Index indicates Seagen is in a strong overbought condition. According to asset volatility analysis, Seagen's upper Bollinger Band® is at $159.25, this is a slight indication of a slowdown.
Notwithstanding Seagen's appreciation in recent days, the technical outlook suggests its bullish run is now fading.
This rally in Seagen's share price coincided with other health care stocks as Merck was up 2.83%. Johnson & Johnson added 2.09% to its value, and traded at $160.39. Amgen gained 2.69%, as it traded at $240.53.
Upcoming fundamentals: United States Existing Home Sales (Jan) is expected tomorrow at 15:00 UTC.