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May 03, 2023
Yesterday at a glance: in yesterday's bearish session, the Canadian cannabis producer shed around 1.75% in quick fashion, found support around the 58 cents level and finally closed at 59.35 cents. In contrast, the day's events followed Monday's session in which the stock closed at 60.41 cents.
United States ADP Nonfarm Employment Change (Apr) is next today at 12:15 UTC.
Meanwhile, United States JOLTs Job Openings (Mar) released yesterday at 14:00 UTC with a figure of 9.59 million, while the previous figure was 9.97 million. United States API Weekly Crude Oil Stock came out at -3.94 million, while a consensus of analysts was expecting -1,000,000. United States Factory Orders released earlier showed a marked improvement to 0.9% from the preceding data of -1.1%, but fell short of the 1.1% figure forecast by a consensus of market analysts.
Trend analysis indicates that Aurora Cannabis Inc. made an initial break below its 10 day Simple Moving Average at 60.376 cents, a possible indication of a forthcoming negative trend. Asset volatility analysis shows that Aurora Cannabis's lower Bollinger Band® is at 56.2039 cents, indicating that the asset has overextended to the downside and could, therefore, bounce back as buyers look for bargains. Visual analysis of Aurora Cannabis's chart shows that although Aurora Cannabis is down today and was as low as 58 cents, it seems to be recovering slightly and climbing away from the 57.92 cents support line and is now 1 cents above it.
Overall, while Aurora Cannabis has been on an uptrend, technical indicators suggest that it has no obvious direction for the immediate future.
Aurora Cannabis was not the only decliner in the health care sector; Stryker falls 2% yesterday to close at $299.89.
On the other hand, positive performances could be seen by looking at other health care stocks as Merck added 1.33% to its value, and traded at $117.89. Johnson & Johnson gained 0.87%, as it traded at $165.03.
With markets struggling for positive sentiment, upcoming macro data could potentially attract buyers in the market as tomorrow at 12:30 UTC data for United States Initial Jobless Claims will be released, with an expected decline to 240,000 from the preceding figure of 230,000.
Moreover, United States Crude Oil Inventories is projected to outperform its last figure with -1.1 million, having previously been at -5 million. The figure will be published today at 14:30 UTC.
Furthermore, United States Interest Rate is expected today at 18:00 UTC.
Pointing downwards for around 2 months. Having set a significant high of $3.19 11 months ago, the Canadian cannabis spearhead is trading 81.06% lower.
