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February 27, 2023
As traders prepare for a higher market open today, Friday's bearish sentiment is in focus: a tough session dominated by bearish sentiment left Trulieve Cannabis 15 cents lower, while setting a $6.1 to $6.35 session range.
Trulieve Cannabis Corp. could begin to recover as it approaches significant support, now 12 cents away from $6.08. Dipping below could be an indication that further losses are ahead. Bollinger Bands® shows an indication of recovery: the lower band is at $5.97, a low enough level to, generally, suggest that Trulieve Cannabis is trading below its fair value.
Technical analysis indicates that Trulieve Cannabis (currently on a downtrend) might reverse course and start pointing upward in the short term.
Trulieve Cannabis was not the only decliner in the health care sector; Abbott Laboratories drops 2.04% Friday to close at $102.55. Eli Lilly and Company closed at $321.64 (down 1.8%). Pfizer lost 1.3% Friday and closed at $41.75.
With markets struggling for positive sentiment, upcoming macro data could potentially attract buyers in the market as today at 15:00 UTC data for United States Pending Home Sales will be released, with an expected decline to 1% from the preceding figure of 2.5%.
Some optimism can drawn from the fact that United States Core Durable Goods Orders is projected to outperform its last figure with 0.1%. It previously stood at -0.2%; data will be released today at 13:30 UTC. United States Consumer Confidence is projected to outperform its last figure with 108.5, having previously been at 107.1. The figure will be published tomorrow at 15:00 UTC.
The leading CBD products developer has shed 51.8% over the past three months.
