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June 23, 2023
A quick look at today: the Canadian cannabis spearhead dropped 10.68% early on and traded close to the 55.12 cents level.
Aurora Cannabis is currently trading at 55.12 cents following the release of Services PMI data from the United States.
Following a previous reading of 7.92 million, Crude Oil Inventories in United States released yesterday at 15:00 UTC fell short of the 329,000 figure expected by analysts with an actual reading of -3.83 million.
Amid the market gloom, United States Services PMI came out at 54.1, while a consensus of analysts was expecting 54. United States Existing Home Sales (May) released yesterday at 14:00 UTC with a figure of 4.3 million, while the previous figure was 4.29 million.
Aurora Cannabis Inc. made an initial break below its 50 day Simple Moving Average at 58.7324 cents, a possible indication of a forthcoming negative trend. Aurora Cannabis is currently flirting with an active Fibonacci support level around 58.575 cents. Aurora Cannabis's upper Bollinger Band® is at 59.5046 cents which indicates a further downward move may follow. Despite this, Aurora Cannabis could begin to recover as it approaches significant support, now 2 cents away from 57.1867 cents. Dipping below could be an indication that further losses are ahead.
Several technical indicators are adding weight to the bearish momentum seen today and forecasting Aurora Cannabis to extend its recent losses.
Aurora Cannabis was not the only decliner in the health care sector; Astrazeneca PLC falls 2.47% today to close at $73.95. Pfizer went down 1.11%, closed at $38.73. AbbVie goes down 1.08% today to close at $137.41.
The Canadian cannabis producer has recovered 22.54% since descending to a significant low of 50.36 cents around 22 days ago.
