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April 13, 2023
After closing the previous trading day at 65.1 cents, Aurora Cannabis is up to 66 cents, which makes for a move of 1.38%/0.9 cents today.
Aurora Cannabis's uptick comes amid good United States macroeconomic data released during the day — highly important Crude Oil Inventories data from United States beat analyst expectations of -583,000 with a reading of 597,000.
On the flip side, highly important Producer Price Index data from United States beat analyst expectations of 0.1% with a reading of -0.5%. Highly important Initial Jobless Claims data from United States beat analyst expectations of 232,000 with a reading of 239,000.
As the trading day commences, technical analysis suggests Aurora Cannabis Inc. could be slowing down soon; it is getting close to the resistance line and is now at 67.5 cents, only 2 cents away. Crossing the resistance line could, however, suggest that further gains are ahead. Trend-focused traders would be interested to note that despite posting gains so far today, Aurora Cannabis slid below its 5 day Simple Moving Average at 65.324 cents in earlier trade — an early indicator that a negative trend could be emerging. Analysis based on the asset volatility indicates that Aurora Cannabis's lower Bollinger Band® is at 62.7383 cents, indicating that the market is oversold and fertile for new buyers.
Overall, the technical outlook suggests Aurora Cannabis is likely to remain muted for the immediate future, with no clear-cut direction.
A look at other health care stocks also shows bullish price action as Novartis is trading at $98.1 after ending yesterday's session at $96.47 (up 1.69%). Thermo Fisher Scientific is trading at $586.64 after ending yesterday's session at $579.35 (up 1.26%). Novo Nordisk gained 1.25%, currently at $165.57.
Furthermore, the market is looking at United States Core Retail Sales projected to come out at -0.3% — worse than previous data of -0.1%; data will be released tomorrow at 12:30 UTC.
Furthermore, the market is looking at United States Retail Sales is expected tomorrow at 12:30 UTC.
On a negative trend for around 2 months. The Canadian cannabis spearhead is now trading 82.36% below the significant high of $3.69 it set around a year ago.
