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May 04, 2023
Yesterday at a glance: a tough start to the session saw price action reach a low of $2.42 before closing at $2.63.
United States Initial Jobless Claims is next today at 12:30 UTC.
Curaleaf's state is reflected by market data as United States Interest Rate came out at 5.25, while a consensus of analysts was expecting 5.25. United States Crude Oil Inventories released earlier showed a marked improvement to -1.28 million from the preceding data of -5 million, but fell short of the -1.1 million figure forecast by a consensus of market analysts. United States ISM Non-Manufacturing PMI (Apr) released yesterday at 14:00 UTC with a figure of 51.9, while the previous figure was 51.2.
Curaleaf Holdings, Inc. made an initial break below its 21 day Simple Moving Average at $2.48, a possible indication of a forthcoming negative trend. Curaleaf's upper Bollinger Band® is at $2.68, suggesting that a downward move may follow. On the other hand, note that Curaleaf is approaching key support, around 31 cents away from $2.32. Dipping below could indicate further losses are ahead while a failure to break below this level is likely to be seen positively by market bulls.
Despite the market lacking direction, technical chart analysis strongly suggests Curaleaf is positioned for a downward move in the near term.
Meanwhile, mixed performances were seen by other health care stocks as Eli Lilly and Company traded at $431.19 after closing yesterday's trading day at $404.2 (up 6.68%). Amgen went down 2.82%, closed at $235.97. Stryker went down to $287.14, losing 2.3% after it closed at $293.89 yesterday.
Data to be released today might clear up some of the market fog as projections for United States Non Farm Payrolls are set for a continuation of decline with 180,000 while previous data was 236,000; data will be released tomorrow at 12:30 UTC. United States Initial Jobless Claims expected to decline to 240,000 while its preceding data was 230,000, data will be available today at 12:30 UTC. Tomorrow at 12:30 UTC data for United States Unemployment Rate will be released, with an expected decline to 3.6 from the preceding figure of 3.5.
After hitting an important low of $2.29 approximately 9 days ago, the US-based cannabis dispensary has bounced back 14.85% since.
