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FRESENIUS MEDICAL CARE CRASHES 7% ON PROFIT-WARNING - Capital Street FX
FRESENIUS MEDICAL CARE CRASHES 7% ON PROFIT-WARNING
Fresenius Medical Care is currently trading at 62.96-lower by 7.3% as compared to the previous closing.
In recent news, Fresenius Medical Care said in a press release on Thursday that its revenue growth and net income for 2019 will be around the level of the financial year 2018. The company also said that it is investing in home dialysis, as an alternative for some patients to the standard way of having their blood cleansed at a dialysis centre.
Meanwhile, Parent-company Fresenius stocks plunged as much as 13% today after the healthcare group warned of stagnant profits next year and abandoned its 2020 targets, saying it needed to invest more money in its hospitals and other businesses.
Subsidiary FMC announced on Wednesday that it has acquired several stakes in China’s kidney hospitals and dialysis clinics as it seeks to expand in the world’s second-largest market for dialysis by patient numbers.
On the technical front, the RSI is currently at 30.74% and suggests that the market can move in the downward direction. The current price is below the MA5 (69.95). The current price is below the lower band of the Bollinger Bands and is heading downwards.
Overall Bias is Negative and short-term trades can be initiated with tight Stop Loss and Profit targets.
TRADE SUGGESTION-LIMIT SELL AT 63.10 TAKE PROFIT AT 62.10 STOP LOSS AT 63.60