Aurora Cannabis closed at 54.01 cents (down 3.55%) and added one more to its 6th straight day of losses

Investors are currently sidelined due to the Memorial Day holiday but will return to their desks today. Looking back over the previous session Friday: after closing the previous trading day at 56 cents and dropping to 53.01 cents, the Canadian cannabis producer closed Friday at 54.01 cents. By the end of the session, Aurora Cannabis gave up a total of 3.55%.

Consumer Confidence data from United States will be released today at 14:00 UTC with analysts expecting a decline to 99. Potentially significant price fluctuations in Aurora Cannabis are expected to follow.

Aurora Cannabis chart analysis: Aurora Cannabis Inc. could begin to recover as it approaches significant support, now 2 cents away from 52.35 cents. Dipping below could be an indication that further losses are ahead. Trend and momentum analysis indicates 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. Asset volatility analysis shows that Bollinger Bands® shows an indication of recovery: the lower band is at 52.8705 cents, a low enough level to, generally, suggest that Aurora Cannabis is trading below its fair value.

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; Medtronic went down to $81.46, losing 2.49% after it closed at $83.54 Friday. Bristol-Myers Squibb Company went down to $63.82, losing 1.15% after it closed at $64.56 Friday. Merck decreases 1.1% Friday to close at $112.3.

With markets struggling for positive sentiment, upcoming macro data could potentially attract buyers in the market as today at 14:00 UTC data for United States Consumer Confidence will be released, with an expected decline to 99 from the preceding figure of 101.3.

Furthermore, United States JOLTs Job Openings (Apr) scheduled to come out tomorrow at 14:00 UTC.

Aurora Cannabis hit a significant low of 54.01 cents around 4 days ago, but has since recovered 3.68%.