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June 16, 2023
While in the midst of a 3 day downtrend, losing a total of 7.85% (5.43 cents), A possible change of direction spotted from today; after closing at 53.17 cents on yesterday, Aurora Cannabis maintained a strong bullish bias that helped the stock close higher at 54 cents today. However, market bears ensured the the Canadian cannabis producer topped out at 54.49 cents and that by the end of the session, the market had marked out a distinct 53.18 cents to 54.49 cents range.
Aurora Cannabis's uptick comes amid good United States macroeconomic data released during the day — United States Retail Sales beat the -0.1% projections, with 0.3%.
Nevertheless, 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).
Meanwhile, 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.
Aurora Cannabis Inc. could be slowing down soon as it approaches resistance at 55.89 cents. Of course, crossing it might suggest further gains are ahead. Despite posting gains on today, Aurora Cannabis slid below its 10 day Simple Moving Average at 53.75 cents during the last session — an early indicator that a negative trend could be emerging.
Aurora Cannabis is likely to reverse course and start pointing downward in the short term.
A look at other health care stocks also showed bullish price action as Bristol-Myers Squibb Company added 2.3% to its value, and traded at $66.16. AbbVie gained 2.02%, as it traded at $138.64.
Over the past 10 months, the Canadian cannabis producer has retreated 71.87% from a noteworthy peak of $1.89.
