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June 14, 2023
Expected lower market open set to test ongoing trend following yesterday's bullish close: after ending Monday at 55.93 cents, Aurora Cannabis went up to 58.6 cents only to drop back, yet still traded well overall and closed at 58.6 cents yesterday.
United States Crude Oil Inventories data will be released today at 14:30 UTC, with an expected improvement to 1.48 million (previous figure was -451,000).
Aurora Cannabis's uptick comes amid disappointing United States macroeconomic data released during the session – highly important Producer Price Index data from United States beat analyst expectations of -0.1% with a reading of -0.3%.
Meanwhile, United States Consumer Price Index came out at 0.1%, while a consensus of analysts was expecting 0.2%. United States Consumer Price Index released yesterday at 12:30 UTC with a figure of 4%, while the previous figure was 4.9%.
Aurora Cannabis Inc. made an initial breakout above its 21 day Simple Moving Average at 56.45 cents, a potential indicator of a newly emerging bullish phase. Price action overcame a known Fibonacci resistance level at 58.575 cents by around 0.025 cents with prices hammering out a 55.34 cents – 58.6 cents session range. On the other hand, note that Aurora Cannabis could be slowing down soon; it is getting close to the resistance line and is now at 59.7066 cents, only 1 cents away. Crossing the resistance line could, however, suggest that further gains are ahead.
Overall, looking at the technical analysis landscape, it seems Aurora Cannabis might continue pointing upwards in the short term.
A look at other health care stocks also showed bullish price action as Amgen was up 2.13%. Medtronic added 1.74% to its value, and traded at $85.75. Pfizer traded at $40.28 after closing yesterday's trading day at $39.9 (up 0.95%).
Yesterday's gains have given market bulls further impetus to expect strong macro data going forward, such as United States Crude Oil Inventories is projected to outperform its last figure with 1.48 million. It previously stood at -451,000; data will be released today at 14:30 UTC.
Furthermore, the market is looking at tomorrow at 12:30 UTC data for United States Retail Sales will be released, with an expected decline to -0.1% from the preceding figure of 0.4%. Projections for United States Core Retail Sales are set for a continuation of decline with 0.1% while previous data was 0.4%; data will be released tomorrow at 12:30 UTC.
Having soared to a high of $1.89 approximately 9 months ago, the Canadian cannabis producer is now trading 70.41% lower.
