Aurora Cannabis closed at 84 cents (down 1.98%) and added one more to its 6th straight day of losses

A quick look at yesterday: an influx of sellers pushed the Canadian cannabis spearhead to end the session lower around 84 cents, while establishing a 84 cents to 86.99 cents session range yesterday.

United States Consumer Confidence data will be released today at 15:00 UTC, with an expected improvement to 108.5. Aurora Cannabis reaction to indicator information will follow.

This down-slide takes place while positive United States macroeconomics indicators data was published earlier – United States Pending Home Sales improved upon its previous reading of 1.1% with a new data release of 8.1%. Highly important Core Durable Goods Orders data from United States beat analyst expectations of 0.1% with a reading of 0.7%.

Amid the market gloom, following a previous reading of 5.1%, Core Durable Goods Orders in United States released yesterday at 13:30 UTC fell short of the -4% figure expected by analysts with an actual reading of -4.5%.

Aurora Cannabis chart analysis: Aurora Cannabis Inc. could begin to recover as it approaches significant support, now 1 cents away from 83.0033 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. Aurora Cannabis is currently flirting with an active Fibonacci support level around 84.67 cents. Analysis based on the asset volatility indicates that Bollinger Bands® shows an indication of recovery: the lower band is at 78.475 cents, a low enough level to, generally, suggest that Aurora Cannabis is trading below its fair value.

Overall, the technical outlook suggests Aurora Cannabis is likely to remain muted for the immediate future, with no clear-cut direction.

Aurora Cannabis was not the only decliner in the health care sector; Pfizer went down 2.32%, closed at $41.75. Eli Lilly and Company slumps 1.56% yesterday to close at $321.64.

On the other hand, positive performances could be seen by looking at other health care stocks as Novo Nordisk gained 1.24%, as it traded at $143.36.

Looking ahead, ongoing depreciation may be prolonged as tomorrow at 15:30 UTC data for United States Crude Oil Inventories will be released, with an expected decline to 440,000 from the preceding figure of 7.65 million.

Some optimism can drawn from the fact that United States Consumer Confidence is projected to outperform its last figure with 108.5. It previously stood at 107.1; data will be released today at 15:00 UTC.

Furthermore, United States ISM Manufacturing PMI (Feb) scheduled to come out tomorrow at 15:00 UTC.

Aurora Cannabis hit a significant low of 84 cents around a day ago, but has since recovered 2.02%.