| 
April 05, 2023
Aurora Cannabis's bearish run has lasted 3 days so far (-2.73 cents). Yesterday's session continued the recent downtrend: the Canadian cannabis producer has recovered almost all of its session losses after dipping down to 65.5 cents yesterday.
Amid the market gloom, United States JOLTs Job Openings (Feb) released yesterday at 14:00 UTC with a figure of 9.93 million, while the previous figure was 10.56 million. United States API Weekly Crude Oil Stock came out at -4.35 million, while a consensus of analysts was expecting -1.8 million. United States Factory Orders released earlier showed a marked improvement to -0.7% from the preceding data of -2.1%, but fell short of the -0.5% figure forecast by a consensus of market analysts.
Analysis of Aurora Cannabis's recent price action suggests Aurora Cannabis Inc. could begin to recover as it approaches significant support, now 1 cents away from 65.5867 cents. Dipping below could be an indication that further losses are ahead. Technical analysis trend indicators suggest that the Commodity Channel Index (CCI) indicator is below -100, meaning the market price is unusually low and below its rolling moving average. Technical analysis indicates that a new, strong downtrend could be forthcoming with short positions favored. Analysis based on the asset volatility indicates that Aurora Cannabis's lower Bollinger Band® is at 63.8298 cents, indicating that the asset has overextended to the downside and could, therefore, bounce back as buyers look for bargains.
With market volatility ebbing, the current technical outlook indicates Aurora Cannabis will remain range-bound for the immediate future.
Aurora Cannabis was not the only decliner in the health care sector; Pfizer decreases 1.09% yesterday to close at $41.35.
On the other hand, positive performances could be seen by looking at other health care stocks as Johnson & Johnson traded at $158.49 after closing yesterday's trading day at $156.85 (up 1.05%).
Moreover, United States Crude Oil Inventories is projected to outperform its last figure with -2.33 million. It previously stood at -7.49 million; data will be released today at 14:30 UTC.
Furthermore, United States ADP Nonfarm Employment Change (Mar) is expected today at 12:15 UTC. United States ISM Non-Manufacturing PMI (Mar) will be released today at 14:00 UTC.
Pointing downwards for around 2 months. Aurora Cannabis has shed $3.47 points and is languishing 83.83% lower over the past year, leaving its yearly highs around $4.14 in the rear-view mirror.
