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June 03, 2023
Yesterday at a glance: an influx of buyers helped the Canadian cannabis spearhead to end the session higher around 51.53 cents, while establishing a 51 cents to 53.6 cents session range yesterday.
Aurora Cannabis's uptick comes amid good United States macroeconomic data released during the day — United States Non Farm Payrolls beat the 180,000 projections, with 339,000.
Nevertheless, highly important Average Hourly Earnings data from United States beat analyst expectations of 0.4% with a reading of 0.3%. United States Unemployment Rate fell short of the 3.5 projections, with new data of 3.7.
Aurora Cannabis Inc. made an initial breakout above its 5 day Simple Moving Average at 52.832 cents, a potential indicator of a newly emerging bullish phase. Aurora Cannabis's lower Bollinger Band® is at 48.0047 cents, indicating that the market is oversold and fertile for new buyers. In contrast, although Aurora Cannabis is appreciating today after rising as high as 53.6 cents, price action is now slowing and consolidating around 2 cents below the 53.0867 cents resistance level.
Aurora Cannabis continues to move higher with technical analysis indicating the trend will continue in the short term.
A look at other health care stocks also showed bullish price action as AbbVie was up 2.57%. Novartis traded at $98.91 after closing yesterday's trading day at $97.11 (up 1.85%). Johnson & Johnson was up 1.57%.
The Canadian cannabis producer traded as high as $1.89 before shedding 63.73% lower over the past six months.
