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June 22, 2023
Yesterday at a glance: Aurora Cannabis ended Tuesday at 56 cents. yesterday it went up to 57.5 cents only to drop back, yet still managed to close at 56.21 cents.
United States Fed Chair Powell testimony is next today at 14:00 UTC.
Aurora Cannabis's uptick comes amid disappointing United States macroeconomic data released during the session – new United States Initial Jobless Claims data fell short of the 260,000 projected by analysts with a reading of 264,000 while failing to improve upon the previous reading from last month (264,000).
Meanwhile, United States Current Account (Q1) released today at 12:30 UTC with a figure of -219.3 billion, while the previous figure was -216.2 billion. United States API Weekly Crude Oil Stock came out at -1.25 million, while a consensus of analysts was expecting -433,000.
Analysis of Aurora Cannabis's recent price action suggests Aurora Cannabis Inc. is 2 cents away from testing key resistance at 57.9733 cents. Peaking above this level could inspire market bulls and open the path to further gains. Trend-focused traders would be interested to note that Aurora Cannabis made an initial breakout above its 21 day Simple Moving Average at 55.5233 cents, a potential indicator of a newly emerging bullish phase. Price action remains constrained around the key Fibonacci level of 56.6363 cents currently serving as resistance Asset volatility analysis shows that Aurora Cannabis's upper Bollinger Band® is at 58.9106 cents, this is a slight indication of a slowdown.
Overall, while Aurora Cannabis has been on an uptrend, technical indicators suggest that it has no obvious direction for the immediate future.
A look at other health care stocks also showed bullish price action as UnitedHealth gained 1.57%, as it traded at $476.75. Sanofi traded at $53.64 after closing yesterday's trading day at $53.1 (up 1.02%).
Aurora Cannabis went up yesterday, yet these health care stocks did not follow — Pfizer stumbles 1.12% yesterday to close at $39.34.
Also worthy of note, as things stand, upcoming United States Crude Oil Inventories data is projected to fall short of market expectations with newly published data of 1.87 million, following on from the preceding figure of 7.92 million. New data is set to be published today at 15:00 UTC.
Furthermore, the market is looking at United States Services PMI figure is projected at 54. It previously stood at 54.9; data will be released tomorrow at 13:45 UTC. United States Existing Home Sales (May) is expected today at 14:00 UTC.
The Canadian cannabis producer has fallen back around 70.37% from the significant high of $1.89 set 10 months ago.
