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April 26, 2023
As traders prepare for a higher market open today, yesterday's bearish sentiment is in focus: in yesterday's bearish session, the Canadian cannabis spearhead shed around 5.56% in quick fashion, found support around the 56.24 cents level and finally closed at 56.4 cents. In contrast, the day's events followed Monday's session in which the stock closed at 59.72 cents.
Core Durable Goods Orders data from United States will be released today at 12:30 UTC with analysts expecting a decline to -0.2%. Potentially significant price fluctuations in Aurora Cannabis are expected to follow.
Following a previous reading of 104, Consumer Confidence in United States released yesterday at 14:00 UTC fell short of the 104 figure expected by analysts with an actual reading of 101.3.
Meanwhile, United States New Home Sales (Mar) came out at 683,000, while a consensus of analysts was expecting 630,000. United States Building Permits released yesterday at 12:10 UTC with a figure of 1.43 million, while the previous figure was 1.55 million.
Technical analysis trend indicators suggest that 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. Momentum evaluation shows that the Relative Strength Index indicates Aurora Cannabis is in an oversold condition, which could precipitate a reversal and set up a new bullish phase. Analysis based on the asset volatility indicates that Bollinger Bands® shows an indication of recovery: the lower band is at 57.2621 cents, a low enough level to, generally, suggest that Aurora Cannabis is trading below its fair value. Aurora Cannabis's notable support and resistance levels: Aurora Cannabis could begin to recover as it approaches significant support, now 1 cents away from 55.0933 cents. Dipping below could be an indication that further losses are ahead.
With market volatility ebbing, the current technical outlook indicates Aurora Cannabis will remain range-bound for the immediate future.
Aurora Cannabis was not the only decliner in the health care sector; Thermo Fisher Scientific went down to $548.38, losing 4.51% after it closed at $574.3 yesterday. Pfizer lost 1.45% yesterday and closed at $39.33.
On the other hand, positive performances could be seen by looking at other health care stocks as Novartis was up 3.43%.
With markets struggling for positive sentiment, upcoming macro data could potentially attract buyers in the market as United States Core Durable Goods Orders projected to decline to -0.2% while previous data was -0.1%; data will be released today at 12:30 UTC. As things stand, upcoming United States Pending Home Sales data is projected to fall short of market expectations with newly published data of 0.5%, following on from the preceding figure of 0.8%. New data is set to be published tomorrow at 14:00 UTC.
In addition, United States Crude Oil Inventories is projected to outperform its last figure with -1.49 million. It previously stood at -4.58 million; data will be released today at 14:30 UTC.
Pointing downwards for around 2 months. Aurora Cannabis hit a significant low of 56.4 cents around a day ago, but has since recovered 5.89%.
