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June 21, 2023
Yesterday at a glance: the Canadian cannabis producer went up to 56 cents, gaining 3.7%.
United States Fed Chair Powell testimony is next today at 14:00 UTC.
Meanwhile, United States Building Permits (May) released yesterday at 12:30 UTC with a figure of 1.49 million, while the previous figure was 1.15 million. United States Housing Starts beat analyst expectations of -0.8% and the previous reading of -2.9% with new data of 21.7%. United States Housing Starts (May) came out at 1.63 million, while a consensus of analysts was expecting 1.4 million.
Aurora Cannabis Inc. could be slowing down soon as it approaches resistance at 58 cents. Of course, crossing it might suggest further gains are ahead. Despite posting gains on yesterday, Aurora Cannabis slid below its 21 day Simple Moving Average at 55.8567 cents during the last session — an early indicator that a negative trend could be emerging. Aurora Cannabis's upper Bollinger Band® is at 60.0928 cents, this is a slight indication of a slowdown.
Despite basking in an uptrend and bullish intraday sentiment, chart analysis indicates Aurora Cannabis is set for a reversal in the coming days.
This rally in Aurora Cannabis's share price coincided with other health care stocks as UnitedHealth was up 2.38%. Sanofi traded at $53.1 after closing yesterday's trading day at $52.04 (up 2.04%).
While Aurora Cannabis was bullish yesterday, the following health care stocks underperformed: Pfizer lost 1.8% yesterday and closed at $39.34.
Yesterday's gains have given market bulls further impetus to expect strong macro data going forward, such as United States Initial Jobless Claims is projected to outperform its last figure with 260,000. It previously stood at 262,000; data will be released tomorrow at 12:30 UTC.
Furthermore, the market is looking at United States Crude Oil Inventories projected to decline to 1.87 million while previous data was 7.92 million; data will be released tomorrow at 15:00 UTC.
The market is looking forward to the release of new data: United States Existing Home Sales (May) is scheduled for tomorrow at 14:00 UTC.
The Canadian cannabis producer is now trading 71.43% below the significant high of $1.89 it set around 10 months ago.
