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April 27, 2023
Pre-open trade suggests a higher market open today with yesterday's bullish sentiment adding to the risk-on mood. Pronounced bullish sentiment in the market helped the Canadian cannabis spearhead to make a notable 1.08% gain yesterday, rising 0.61 cents and ultimately closing at 57.01 cents.
United States GDP data will be released today at 12:30 UTC, with an expected decline to two.
Aurora Cannabis's uptick comes amid good United States macroeconomic data released during the day — United States Core Durable Goods Orders beat the -0.2% projections, with 0.3%.
On the flip side, following a previous reading of -4.58 million, Crude Oil Inventories in United States released yesterday at 14:30 UTC fell short of the -1.49 million figure expected by analysts with an actual reading of -5 million.
Meanwhile, United States 5-Year Note Auction released yesterday at 17:00 UTC with a figure of 3.5, while the previous figure was 3.665.
Aurora Cannabis chart analysis: Aurora Cannabis Inc. could be slowing down soon as it approaches resistance at 57.94 cents. Of course, crossing it might suggest further gains 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. Yesterday's price action generated a Japanese candlestick pattern showing 'Bullish Harami' is a candlestick chart indicator used for detecting reversals in an existing bear trend. It is generally indicated by a small price increase that's contained within a broader downward price movement and is commonly associated with a bearish trend coming to an end. According to momentum evaluation, 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 56.4926 cents, indicating that the market is oversold and fertile for new buyers.
All in all, the technical analysis suggests Aurora Cannabis has no clear-cut direction.
While Aurora Cannabis was bullish yesterday, the following health care stocks underperformed: Bristol-Myers Squibb Company went down to $68, losing 3.16% after it closed at $70.24 yesterday. Merck went down to $113.43, losing 2.66% after it closed at $116.53 yesterday. Astrazeneca PLC went down 2.66%, closed at $75.66.
Furthermore, the market is looking at United States Pending Home Sales expected to decline to 0.5% while its preceding data was 0.8%, data will be available today at 14:00 UTC. Today at 12:30 UTC data for United States GDP will be released, with an expected decline to two from the preceding figure of 2.6. United States Initial Jobless Claims projected to decline to 248,000 while previous data was 245,000; data will be released today at 12:30 UTC.
On a negative trend for around 2 months. 11 months ago the Canadian cannabis producer reached a significant high of $3.19 but has consequently lost 82.32% since then.
