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June 30, 2023
Aurora Cannabis's bearish run has lasted 6 days so far (-8.07 cents). Today's session continued down the same path: the Canadian cannabis producer has recovered almost all of its session losses after dipping down to 51.5 cents today.
Following a previous reading of -0.4%, Pending Home Sales in United States released yesterday at 14:00 UTC fell short of the -0.5% figure expected by analysts with an actual reading of -2.7%.
While price action maintains a negative bias, United States Core PCE Price Index (YoY) (May) released today at 12:30 UTC with a figure of 4.6, while the previous figure was 4.7. United States Core PCE Price Index (MoM) (May) came out at 0.3, while a consensus of analysts was expecting 0.3.
Aurora Cannabis Inc. could begin to recover as it approaches significant support, now 1 cents away from 52.33 cents. Dipping below could be an indication that further losses are ahead. Despite being in the red so far in the current trading session, Aurora Cannabis peaked above its 5 day Simple Moving Average around 53.764 cents — typically an early indicator of a new bullish trend beginning to emerge. A Morning Star, which is a bullish visual pattern consisting of three candlesticks. The pattern forms following a downward trend and tends to indicate a reversal before the start of a new upward climb. Aurora Cannabis's lower Bollinger Band® is at 49.6681 cents, indicating that the asset has overextended to the downside and could, therefore, bounce back as buyers look for bargains.
Technical analysis indicates that Aurora Cannabis (currently on a downtrend) might reverse course and start pointing upward in the short term.
On the other hand, positive performances could be seen by looking at other health care stocks as Novo Nordisk traded at $161.83 after closing today's trading day at $157.03 (up 3.06%). Pfizer traded at $36.68 after closing today's trading day at $36.12 (up 1.55%).
The Canadian cannabis producer reached a significant high of $1.89 around 10 months ago but has lost 71.62% since then.
