After four days of losses, OrganiGram Holdings gains 2.55% in pre-market trading after closing at 72.65 cents (-3.86%) yesterday

As traders prepare for a higher market open today, yesterday's bearish sentiment is in focus: the medical cannabis provider found support around the 72.65 cents level, after closing Wednesday at 75.57 cents and dropping by 3.86% yesterday.

United States ISM Non-Manufacturing PMI (Feb) is next today at 15:00 UTC.

This down-slide takes place while positive United States macroeconomics indicators data was published earlier – highly important Initial Jobless Claims data from United States beat analyst expectations of 195,000 with a reading of 190,000.

While price action maintains a negative bias, United States Nonfarm Productivity (QoQ) (Q4) came out at 1.7, while a consensus of analysts was expecting 2.6. United States Unit Labor Costs (QoQ) (Q4) released yesterday at 13:30 UTC with a figure of 3.2, while the previous figure was two.

Technical analysis trend indicators suggest that the Commodity Channel Index (CCI) indicator is below -100, meaning the market price is unusually low and below its rolling moving average. Technical analysis indicates that a new, strong downtrend could be forthcoming with short positions favored. According to asset volatility analysis, OrganiGram Holdings's lower Bollinger Band® is at 70.5441 cents, indicating that the asset has overextended to the downside and could, therefore, bounce back as buyers look for bargains. Technical chart analysis shows OrganiGram Holdings could begin to recover as it approaches significant support, now 1 cents away from 71.7733 cents. Dipping below could be an indication that further losses are ahead.

All in all, the technical analysis suggests OrganiGram Holdings has no clear-cut direction.

On the other hand, positive performances could be seen by looking at other health care stocks as Abbott Laboratories gained 1.79%, as it traded at $102.63. Novartis was up 1.55%. Thermo Fisher Scientific was up 1.9%.

Furthermore, United States ISM Non-Manufacturing PMI (Feb) scheduled to come out today at 15:00 UTC.

Pointing downwards for around a month. The medicinal cannabis specialist has shed 38.02% over the past three months.