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April 22, 2023
A quick look at yesterday: after ending Thursday at 61.1 cents, Aurora Cannabis went up to 62.91 cents only to drop back, yet still traded well overall and closed at 61.75 cents yesterday.
Meanwhile, United States Services PMI came out at 53.7, while a consensus of analysts was expecting 51.5. United States CFTC Crude Oil speculative net positions released yesterday at 20:30 UTC with a figure of 244,600, while the previous figure was 235,600. Fresh CFTC Gold speculative net positions data from United States came out at 189,900.
Chart analysis suggests Aurora Cannabis Inc. reversed direction at 62.6833 cents resistance zone and retreated back 1 cents below it. 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. Asset volatility analysis shows that Aurora Cannabis's lower Bollinger Band® is at 60.622 cents, indicating that the market is oversold and fertile for new buyers.
Overall, the technical outlook suggests Aurora Cannabis is likely to remain muted for the immediate future, with no clear-cut direction.
A look at other health care stocks also showed bullish price action as Novo Nordisk traded at $172.65 after closing yesterday's trading day at $165.37 (up 4.4%). Eli Lilly and Company was up 2.78%. Medtronic was up 2.68%.
On a negative trend for around 2 months. The Canadian cannabis producer is now trading 80.85% below the significant high of $3.19 it set around 11 months ago.
