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February 26, 2023
Friday at a glance: the Canadian cannabis spearhead dropped 1.49% early on and traded close to the 85.7 cents level.
A study of Aurora Cannabis's chart reveals various key levels to watch: Aurora Cannabis Inc. could begin to recover as it approaches significant support, now 1 cents away from 84.4667 cents. Dipping below could be an indication that further losses are ahead. Trend-focused traders would be interested to note 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. Aurora Cannabis formed a session range of 84 cents to 86 cents leaving buyers and sellers highly concentrated around an active Fibonacci support level of 84.67 cents. Analysis based on the asset volatility indicates that Bollinger Bands® shows an indication of recovery: the lower band is at 80.2544 cents, a low enough level to, generally, suggest that Aurora Cannabis is trading below its fair value.
All in all, the technical analysis suggests Aurora Cannabis has no clear-cut direction.
Aurora Cannabis was not the only decliner in the health care sector; Abbott Laboratories dips 2.04% Friday to close at $102.55. Eli Lilly and Company went down 1.8%, closed at $327.52. Pfizer closed at $41.75 (down 1.3%).
With markets struggling for positive sentiment, upcoming macro data could potentially attract buyers in the market as tomorrow at 15:00 UTC data for United States Pending Home Sales will be released, with an expected decline to 1% from the preceding figure of 2.5%.
Some optimism can drawn from the fact that United States Core Durable Goods Orders is projected to outperform its last figure with 0.1%. It previously stood at -0.2%; data will be released tomorrow at 13:30 UTC.
The Canadian cannabis spearhead is now trading 80.49% below the significant high of $4.46 it set around 11 months ago.
