Seagen (SGEN) was last reviewed on October 1 where we recommended, "The charts and indicators are looking healthy. Maintain long positions but raise sell stop protection to a close below $180 from a close below $135. Some profit taking around $210 wouldn't hurt."
Prices gapped lower today after the release of their Q3 earnings figures last night, so it is a good time to look at the charts once again.
In this daily bar chart of SGEN, below, we can see that prices traded above our $201 price target. SGEN gapped below the rising 50-day moving average line. The rising 200-day moving average line intersects down at $150.
The On-Balance-Volume (OBV) line has been weakening for most of this month and tells us that sellers of SGEN have been more aggressive.
The Moving Average Convergence Divergence (MACD) oscillator is approaching the zero line after a downside crossover and take profit sell signal earlier this month.