After four days of gains, Village Farms falls 2.31% in pre-market trading after closing at 68.5 cents (+1.18%) yesterday

Expected lower market open set to test ongoing trend following yesterday's bullish close: generally flat but with a slight bullish bias, Village Farms ranged between 66.7 cents and 69.92 cents before closing higher at 68.5 cents.

United States Fed Chair Powell testimony is next today at 14:00 UTC.

Meanwhile, United States Building Permits (May) released yesterday at 12:30 UTC with a figure of 1.49 million, while the previous figure was 1.15 million. United States Housing Starts came out at 21.7%, better than analyst estimates of -0.8% and improving upon the previous reading of -2.9%. United States Housing Starts (May) came out at 1.63 million, while a consensus of analysts was expecting 1.4 million.

Although Village Farms International, Inc. is appreciating today after rising as high as 69.92 cents, price action is now slowing and consolidating around 2 cents below the 70.1333 cents resistance level. Despite posting gains on yesterday, Village Farms slid below its 21 day Simple Moving Average at 67.1938 cents during the last session — an early indicator that a negative trend could be emerging.

After posting consistent gains as part of its uptrend and being lifted by intraday sentiment, technical factors suggest Village Farms is set for a reversal in the coming days.

While Village Farms was bullish yesterday, the following consumer staples stocks underperformed: Anheuser-Busch closed at $56.76 (down 2.49%). Procter & Gamble closed at $148.16 (down 0.92%). Walmart lost 0.88% yesterday and closed at $154.16.

Yesterday's gains have given market bulls further impetus to expect strong macro data going forward, such as United States Initial Jobless Claims is projected to outperform its last figure with 260,000, having previously been at 262,000. The figure will be published tomorrow at 12:30 UTC.

Furthermore, the market is looking at United States Crude Oil Inventories projected to come out at 1.87 million — worse than previous data of 7.92 million; data will be released tomorrow at 15:00 UTC.

Also worthy of note, United States Existing Home Sales (May) is expected tomorrow at 14:00 UTC.

The consumer packaged goods provider is now trading 79.79% below the significant high of $3.35 it set around 11 months ago.