| 
June 16, 2023
Aurora Cannabis is in the midst of a 3 day downtrend. Today's positive session could indicate a brief correction amid a broader downtrend, or, the start of a potential reversal. As the end of the session approaches, a small gain for the Canadian cannabis spearhead at 53.56 cents after ranging between 53.18 cents and 54.49 cents today.
Aurora Cannabis's uptick comes amid good United States macroeconomic data released during the day — data for United States Retail Sales released yesterday at 12:30 UTC is better than expected with 0.3%, but worse than previous figure of 0.4%.
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 250,000 projected by analysts with a reading of 262,000 while failing to improve upon the previous reading from last month (262,000).
At the same time, United States Philadelphia Fed Manufacturing Index (Jun) released yesterday at 12:30 UTC with a figure of -13.7, while the previous figure was -10.4.
Although up today, early price action saw Aurora Cannabis Inc. dropping below its 10 day Simple Moving Average at 53.75 cents — an early indicator that a new downward trend could be emerging. Aurora Cannabis could be slowing down soon as it approaches resistance at 55.89 cents. Of course, crossing it might suggest further gains are ahead.
Examining the technical analysis landscape, Aurora Cannabis is likely to reverse course and start pointing downward in the short term.
A look at other health care stocks also shows bullish price action as Bristol-Myers Squibb Company added 1.72% to its value, now trading at $65.78. AbbVie is trading at $137.91 after ending yesterday's session at $135.89 (up 1.49%).
Approximately 10 months ago, the Canadian cannabis producer reached a significant high of $1.89 but has struggled to hold onto its gains and declined 71.87% since then.
