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April 12, 2023
Yesterday at a glance: the Canadian cannabis spearhead has recovered almost all of its session losses after dipping down to 65 cents yesterday.
United States Core Consumer Prices is next today at 12:30 UTC.
Amid the market gloom, United States API Weekly Crude Oil Stock came out at 377,000, while a consensus of analysts was expecting -1.3 million. United States 3-Year Note Auction released yesterday at 17:00 UTC with a figure of 3.81, while the previous figure was 4.635.
Despite being in the red so far in the current trading session, Aurora Cannabis Inc. peaked above its 5 day Simple Moving Average around 65.96 cents — typically an early indicator of a new bullish trend beginning to emerge. Bollinger Bands® shows an indication of recovery: the lower band is at 63.0344 cents, a low enough level to, generally, suggest that Aurora Cannabis is trading below its fair value. Aurora Cannabis could begin to recover as it approaches significant support, now 1 cents away from 64.8033 cents. Dipping below could be an indication that further losses are ahead.
Overall, looking at the technical analysis landscape, it seems Aurora Cannabis —which is currently on a downtrend— might reverse course and start pointing upward in the short term.
On the other hand, positive performances could be seen by looking at other health care stocks as UnitedHealth was up 1.12%. Medtronic gained 0.95%, as it traded at $81. Stryker added 0.79% to its value, and traded at $290.53.
Moreover, United States Producer Price Index is projected to outperform its last figure with 0.1%. It previously stood at -0.1%; data will be released tomorrow at 12:30 UTC. United States Crude Oil Inventories is projected to outperform its last figure with -583,000, having previously been at -3.74 million. The figure will be published today at 14:30 UTC.
Furthermore, United States Consumer Price Index is expected today at 12:30 UTC.
Trending downwards for around 2 months. Over the past 11 months, the Canadian cannabis spearhead has retreated 82.11% from a noteworthy peak of $3.69.
