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March 08, 2023
A quick look at yesterday: a tough session dominated by bearish sentiment left Aurora Cannabis 1.91 cents lower, while setting a 81.2 cents to 83.16 cents session range.
United States ADP Nonfarm Employment Change (Feb) is next today at 13:15 UTC.
Meanwhile, United States API Weekly Crude Oil Stock released yesterday at 21:30 UTC with a figure of -3.83 million, while the previous figure was 6.20 million. United States 3-Year Note Auction came out at 4.635.
Aurora Cannabis Inc. could begin to recover as it approaches significant support, now 1 cents away from 80.6133 cents. Dipping below could be an indication that further losses are ahead. Bollinger Bands® shows an indication of recovery: the lower band is at 77.6059 cents, a low enough level to, generally, suggest that Aurora Cannabis is trading below its fair value.
Technical analysis indicates that Aurora Cannabis (currently on a downtrend) might reverse course and start pointing upward in the short term.
Aurora Cannabis was not the only decliner in the health care sector; Abbott Laboratories drops 2.7% yesterday to close at $102.75. Medtronic lost 2.67% yesterday and closed at $79.74. CVS Health went down to $80.45, losing 3.04% after it closed at $82.97 yesterday.
With markets struggling for positive sentiment, upcoming macro data could potentially attract buyers in the market as projections for United States Crude Oil Inventories are set for a continuation of decline with 395,000 while previous data was 1.17 million; data will be released today at 15:30 UTC.
Furthermore, United States ADP Nonfarm Employment Change (Feb) is expected today at 13:15 UTC. United States JOLTs Job Openings (Jan) scheduled to come out today at 15:00 UTC.
Trending downwards for around a month. The Canadian cannabis producer is up 2.35% from the significant low of 81.3 cents it hit a day ago.
