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June 09, 2023
As traders prepare for a higher market open today, yesterday's bearish sentiment is in focus: the Canadian cannabis spearhead has recovered almost all of its session losses after dipping down to 51.5 cents yesterday.
United States Initial Jobless Claims published yesterday at 12:30 UTC came out at 261,000, falling short of the 235,000 projections and continuing its decline from the previous 233,000 figure.
While price action maintains a negative bias, United States Fed's Balance Sheet released yesterday at 20:30 UTC with a figure of 8.39 trillion, while the previous figure was 8.39 trillion. United States Reserve Balances with Federal Reserve Banks released yesterday at 20:30 UTC with a figure of 3.31 trillion, while the previous figure was 3.21 trillion.
Aurora Cannabis Inc. made an initial break below its 5 day Simple Moving Average at 52.176 cents, a possible indication of a forthcoming negative trend. In contrast, Aurora Cannabis could begin to recover as it approaches significant support, now 1 cents away from 50.8867 cents. Dipping below could be an indication that further losses are ahead.
Several technical indicators are adding weight to the bearish momentum seen yesterday and forecasting Aurora Cannabis to extend its recent losses.
On the other hand, positive performances could be seen by looking at other health care stocks as Novartis gained 2.18%, as it traded at $100.65. Eli Lilly and Company added 2.13% to its value, and traded at $445.66. Merck traded at $110.32 after closing yesterday's trading day at $108.61 (up 1.57%).
Over the past 9 months, the Canadian cannabis spearhead has retreated 71.64% from a noteworthy peak of $1.89.
