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March 11, 2023
Yesterday at a glance: a tough session dominated by bearish sentiment left Aurora Cannabis 6.59 cents lower, while setting a 73.05 cents to 80.86 cents session range.
Data from United States concerning Unemployment Rate was released yesterday at 13:30 UTC. Newly published figures emphasized continued decline from last month's figure of 3.4 to 3.6 this month.
This down-slide takes place despite the positive US macroeconomics indicators data that was published earlier — data for United States Non Farm Payrolls released yesterday at 13:30 UTC is better than expected with 311,000, but worse than previous figure of 504,000.
Meanwhile, United States CFTC Gold speculative net positions released yesterday at 20:30 UTC with a figure of 107,100, while the previous figure was 128,800.
Technical analysis shows that Aurora Cannabis Inc. could begin to recover as it approaches significant support, now 3 cents away from 70.8933 cents. Dipping below could be an indication that further losses are ahead. Concerning technical analysis and more specifically, trend indicators, 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. Momentum evaluation shows that the Relative Strength Index indicates Aurora Cannabis is in an oversold condition, which could precipitate a reversal and set up a new bullish phase. Asset volatility analysis shows that Aurora Cannabis's lower Bollinger Band® is at 73.0384 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.
Aurora Cannabis was not the only decliner in the health care sector; Medtronic went down to $76.72, losing 1.64% after it closed at $78 yesterday. Thermo Fisher Scientific slips 1.7% yesterday to close at $553.21.
On the other hand, positive performances could be seen by looking at other health care stocks as AbbVie traded at $149.71 after closing yesterday's trading day at $147.35 (up 1.6%).
Trending downwards for around a month. The Canadian cannabis spearhead is now trading 8.94% above the significant low (73.72 cents) it slumped to a day ago.
