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April 17, 2023
After closing Friday at 64.07 cents, the Canadian cannabis producer spiked to 65.5 cents before giving back its gains and closing the session at 65.19 cents.
At the same time, United States NY Empire State Manufacturing Index (Apr) came out at 10.8, while a consensus of analysts was expecting -18.
Aurora Cannabis Inc. made an initial breakout above its 5 day Simple Moving Average at 65.264 cents, a potential indicator of a newly emerging bullish phase. Aurora Cannabis's lower Bollinger Band® is at 62.5869 cents, indicating that the market is oversold and fertile for new buyers. Despite this, Aurora Cannabis could be slowing down soon as it approaches resistance at 65.5 cents. Of course, crossing it might suggest further gains are ahead.
Following today's unexpected gains, extensive multifactorial technical analysis forecasts Aurora Cannabis to buck against its prevailing downtrend and begin to turn higher in the short term. With all probabilities considered, the the Canadian cannabis spearhead is expected to pick up significant bullish sentiment in the coming days.
This rally in Aurora Cannabis's share price coincides with other health care stocks as Medtronic gained 1.7%, currently at $82.08. Novo Nordisk is up 1.57%.
While Aurora Cannabis is higher so far today, these health care stocks are struggling: after closing the previous session (Friday) at $511.79, UnitedHealth lost $5.91 and is trading around $505.88.
Furthermore, the market is looking at United States Building Permits (Mar) is expected tomorrow at 12:30 UTC.
Pointing downwards for around 2 months. Since its 52-week high of $3.36, the Canadian cannabis producer has lost 81.9% over the last twelve months.
