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June 26, 2023
While bearish sentiment is dominating the market, the Canadian cannabis producer is maintaining its poise around 54.01 cents while ranging between 54 cents and 57.49 cents so far today.
While price action maintains a negative bias, United States 2-Year Note Auction released today at 17:00 UTC with a figure of 4.67, while the previous figure was 4.3.
Aurora Cannabis Inc. made an initial break below its 21 day Simple Moving Average at 54.479 cents, a possible indication of a forthcoming negative trend. In contrast, Aurora Cannabis could begin to recover as it approaches significant support, now 1 cents away from 52.7433 cents. Dipping below could be an indication that further losses are ahead.
Overall, looking at the technical analysis landscape, it seems Aurora Cannabis is likely to continue pointing down in the short term.
In the meantime, negative performances are also seen in other health care stocks as Pfizer is down 3.96% from the beginning of the session and now trades around $36.78. After closing the previous session (Friday) at $114.6, Merck lost $1.51 and is trading around $113.09. After closing the previous session (Friday) at $165.48, Johnson & Johnson lost $1.53 and is trading around $163.95.
Moreover, United States Core Durable Goods Orders is projected to outperform its last figure with -0.2%. It previously stood at -0.3%; data will be released tomorrow at 12:30 UTC.
Furthermore, United States Building Permits is scheduled for tomorrow at 12:00 UTC. United States New Home Sales (May) will be released tomorrow at 14:00 UTC.
The Canadian cannabis producer is now trading 70.84% below the significant high of $1.89 it set around 10 months ago.
