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February 22, 2023
In the last 4 days, Aurora Cannabis has lost a total of 10.54% of its value. More of the same today: Aurora Cannabis is down to 87.21 cents, after ending yesterday at 89.16 cents. Overall, a 2.19% loss or 1.95 cents today.
United States FOMC Meeting Minutes is next today at 19:00 UTC.
Amid the market gloom, United States Existing Home Sales (Jan) came out at 4 million, while a consensus of analysts was expecting 4 million. United States 2-Year Note Auction released yesterday at 18:00 UTC with a figure of 4.673, while the previous figure was 4.139. United States Existing Home Sales released earlier showed a marked improvement to -0.7% from the preceding data of -2.2%, but fell short of the 2% figure forecast by a consensus of market analysts.
As the trading day commences, technical analysis suggests Aurora Cannabis Inc. could begin to recover as it approaches significant support, now 2 cents away from 87.24 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. According to asset volatility analysis, Aurora Cannabis's lower Bollinger Band® is at 84.4965 cents, indicating that the asset has overextended to the downside and could, therefore, bounce back as buyers look for bargains.
Overall, the technical outlook suggests Aurora Cannabis is likely to remain muted for the immediate future, with no clear-cut direction.
In the meantime, negative performances are also seen in other health care stocks as Gilead Sciences is down to $83.74, losing 1.06%, after ending yesterday at $84.64.
Positive performances can be seen by looking at other health care stocks as Merck is up 0.81%.
With markets struggling for positive sentiment, upcoming macro data could potentially attract buyers in the market as projections for United States Crude Oil Inventories are set for a continuation of decline with 1.17 million while previous data was 16.28 million; data will be released tomorrow at 16:00 UTC. United States Initial Jobless Claims expected to decline to 200,000 while its preceding data was 194,000, data will be available tomorrow at 13:30 UTC.
Furthermore, United States GDP is expected tomorrow at 13:30 UTC.
The Canadian cannabis producer has fallen back around 80% over the past 10 months, from a notable high of $4.46.
