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May 21, 2023
As traders prepare for a higher market open today, Friday's bearish sentiment is in focus: an influx of sellers pushed Green Thumb Industries to session lows around $7 while establishing a $7 to $7.52 session range Friday.
Green Thumb Industries Inc. made an initial break below its 5 day Simple Moving Average at $7.35, a possible indication of a forthcoming negative trend. After descending below strong Fibonacci support at $7.23, market bears have earmarked $6.8 as the next downside target. Despite this, Green Thumb Industries could begin to recover as it approaches significant support, now 18 cents away from $6.87. Dipping below could be an indication that further losses are ahead.
Looking forward, Green Thumb Industries is poised to extend its strong downtrend and continue declining.
On the other hand, positive performances could be seen by looking at other health care stocks as Sanofi added 2.17% to its value, and traded at $55.03. Merck gained 1.31%, as it traded at $115.49. AbbVie gained 1.16%, as it traded at $145.11.
Approximately 5 months ago, Green Thumb Industries reached a significant high of $15.63 but has struggled to hold onto its gains and declined 52.8% since then.
