| 
June 02, 2023
A quick look at yesterday: an influx of sellers pushed the US-based cannabis dispensary to end the session lower around $2.75, while establishing a $2.75 to $2.87 session range yesterday.
This down-slide takes place while positive United States macroeconomics indicators data was published earlier – United States Crude Oil Inventories came out at 4.49 million, better than analyst estimates of -1.10 million and improving upon the previous reading of -12.46 million. Data for United States Initial Jobless Claims released yesterday at 12:30 UTC is better than expected with 232,000, but worse than previous figure of 230,000.
Amid the market gloom, United States ISM Manufacturing PMI (May) came out at 46.9, while a consensus of analysts was expecting 47.
Curaleaf Holdings, Inc. made an initial break below its 10 day Simple Moving Average at $2.81, a possible indication of a forthcoming negative trend. Having stamped out a session range of $2.75 to $2.87, Fibonacci-inclined Curaleaf traders were highly concentrated around active Fibonacci support at $2.79. In contrast, Curaleaf could begin to recover as it approaches significant support, now 4 cents away from $2.71. Dipping below could be an indication that further losses are ahead.
Several technical indicators are adding weight to the bearish momentum seen yesterday and forecasting Curaleaf to extend its recent losses.
Curaleaf was not the only decliner in the health care sector; AbbVie dips 3.28% yesterday to close at $137.96. Amgen lost 2.89% yesterday and closed at $214.27.
On the other hand, positive performances could be seen by looking at other health care stocks as Thermo Fisher Scientific traded at $519.38 after closing yesterday's trading day at $508.46 (up 2.15%).
With markets struggling for positive sentiment, upcoming macro data could potentially attract buyers in the market as today at 12:30 UTC data for United States Non Farm Payrolls will be released, with an expected decline to 180,000 from the preceding figure of 253,000. As things stand, upcoming United States Average Hourly Earnings data is projected to fall short of market expectations with newly published data of 0.4%, following on from the preceding figure of 0.5%. New data is set to be published today at 12:30 UTC. Today at 12:30 UTC data for United States Unemployment Rate will be released, with an expected decline to 3.5 from the preceding figure of 3.4.
The US-based cannabis dispensary has fallen back around 62.22% from the significant high of $7.57 set 5 months ago.
