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June 06, 2023
From an earlier low of 50.31 cents, the Canadian cannabis producer is on track to end the session around 53.44 cents after gaining 2.01 cents compared to last trading session's 51.43 cents (3.91%).
Aurora Cannabis is currently trading at 53.44 cents following the release of EIA Short-Term Energy Outlook data from the United States.
At the same time, United States ISM Non-Manufacturing PMI (May) came out at 50.3, while a consensus of analysts was expecting 51.8. United States Services PMI released yesterday at 13:45 UTC with a figure of 54.9, while the previous figure was 53.6. United States Factory Orders published yesterday at 14:00 UTC came out at 0.4%, falling short of the 1.1% projections and continuing its decline from the previous 0.6% figure.
Aurora Cannabis Inc. made an initial breakout above its 5 day Simple Moving Average at 51.422 cents, a potential indicator of a newly emerging bullish phase. On the other hand, note that Aurora Cannabis could be slowing down soon; it is getting close to the resistance line and is now at 52.7033 cents, only 1 cents away. Crossing the resistance line could, however, suggest that further gains are ahead.
Overall, looking at the technical analysis landscape, it seems Aurora Cannabis might continue pointing upwards in the short term.
This rally in Aurora Cannabis's share price coincides with other health care stocks as Novo Nordisk is up 1.68%.
At the same time, after closing the previous session (yesterday) at $113.11, Merck lost $3.3 and is trading around $109.81. After closing the previous session (yesterday) at $498.19, UnitedHealth lost $12.46 and is trading around $485.73.
Also worthy of note, tomorrow at 14:30 UTC data for United States Crude Oil Inventories will be released, with an expected decline to 1.15 million from the preceding figure of 4.49 million.
Having set a significant high of $1.89 9 months ago, the Canadian cannabis producer is trading 72.79% lower.
