| 
February 22, 2023
While on a 4 day downtrend, dropping a total of 10.21%, Similar trend today: Aurora Cannabis is down to 87.54 cents, after ending yesterday at 89.16 cents. Overall, a 1.82% loss or 1.62 cents today.
United States FOMC Meeting Minutes is next today at 19:00 UTC.
While price action maintains a negative bias, United States Existing Home Sales (Jan) released yesterday at 15:00 UTC with a figure of 4 million, while the previous figure was 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.
Trend-following investors would be interested to note 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. Analysis based on the asset volatility indicates that Aurora Cannabis's lower Bollinger Band® is at 84.5651 cents, indicating that the asset has overextended to the downside and could, therefore, bounce back as buyers look for bargains. Visual analysis of Aurora Cannabis's chart shows that Aurora Cannabis 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.
With market volatility ebbing, the current technical outlook indicates Aurora Cannabis will remain range-bound for the immediate future.
In the meantime, negative performances are also seen in other health care stocks as after closing the previous session (yesterday) at $152, AbbVie lost $1.71 and is trading around $150.29.
Positive performances can be seen by looking at other health care stocks as Eli Lilly and Company is up 0.79%.
With markets struggling for positive sentiment, upcoming macro data could potentially attract buyers in the market as tomorrow at 16:00 UTC data for United States Crude Oil Inventories will be released, with an expected decline to 1.17 million from the preceding figure of 16.28 million. Tomorrow at 13:30 UTC data for United States Initial Jobless Claims will be released, with an expected decline to 200,000 from the preceding figure of 194,000.
Furthermore, United States GDP is expected tomorrow at 13:30 UTC.
Approximately 10 months ago, the Canadian cannabis spearhead reached a significant high of $4.46 but has struggled to hold onto its gains and declined 80% since then.
