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May 07, 2023
Friday at a glance: Green Thumb Industries ended Thursday's session at $8. Friday started with an increase to $9, but dropped back and closed at $8.58.
Support/Resistance levels obtained from chart analysis indicate that although Green Thumb Industries Inc. is appreciating today after rising as high as $9, price action is now slowing and consolidating around 46 cents below the $9.04 resistance level. With regards to technical trend indicators, chart analysis show that the Commodity Channel Index (CCI) indicator is above +100, meaning the market price is unusually high compared to the rolling average. According to momentum evaluation, the Relative Strength Index indicates Green Thumb Industries is currently 'overbought' which suggests new gains will be harder to obtain. Asset volatility analysis shows that Green Thumb Industries's upper Bollinger Band® is at $8.3, this is a slight indication of a slowdown.
Notwithstanding Green Thumb Industries's appreciation in recent days, the technical outlook suggests its bullish run is now fading.
This rally in Green Thumb Industries's share price coincided with other health care stocks as Bristol-Myers Squibb Company traded at $68.14 after closing Friday's trading day at $66.82 (up 1.98%). Sanofi was up 1.9%. Amgen was up 2%.
After hitting an important low of $6.8 approximately 12 days ago, Green Thumb Industries has bounced back 17.5% since.
