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June 03, 2023
Yesterday at a glance: pronounced bullish sentiment in the market helped the Canadian cannabis producer to make a notable 2.32% gain yesterday, rising 1.17 cents and ultimately closing at 51.53 cents.
Aurora Cannabis's uptick comes amid good United States macroeconomic data released during the day — United States Non Farm Payrolls improved upon its previous reading of 294,000 with a new data release of 339,000.
On the flip side, United States Average Hourly Earnings fell short of the 0.4% projections, with new data of 0.3%. Data from United States concerning Unemployment Rate was released yesterday at 12:30 UTC. Newly published figures emphasized continued decline from last month's figure of 3.4 to 3.7 this month.
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. On the other hand, note that Aurora Cannabis reversed direction at 53.0867 cents resistance zone and retreated back 2 cents below it.
Aurora Cannabis continues to move higher with technical analysis indicating the trend will continue in the short term.
This rally in Aurora Cannabis's share price coincided with other health care stocks as AbbVie added 2.57% to its value, and traded at $136.87. Novartis traded at $98.91 after closing yesterday's trading day at $97.11 (up 1.85%). Johnson & Johnson traded at $156.97 after closing yesterday's trading day at $154.54 (up 1.57%).
The Canadian cannabis producer traded as high as $1.89 before shedding 63.73% lower over the past six months.
