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April 17, 2023
A quick look at Friday: pronounced bearish market sentiment ensured that the Canadian cannabis producer made a notable 2.61% loss Friday, declining 1.72 cents and ultimately closing at 64.07 cents.
Trend analysis indicates that Aurora Cannabis Inc. made an initial break below its 5 day Simple Moving Average at 65.542 cents, a possible indication of a forthcoming negative trend. Analysis based on the asset volatility indicates that Bollinger Bands® shows an indication of recovery: the lower band is at 62.4033 cents, a low enough level to, generally, suggest that Aurora Cannabis is trading below its fair value. Technical chart analysis shows Aurora Cannabis could begin to recover as it approaches significant support, now 1 cents away from 63.32 cents. Dipping below could be an indication that further losses are ahead.
Overall, the technical outlook suggests Aurora Cannabis is likely to remain muted for the immediate future, with no clear-cut direction.
Aurora Cannabis was not the only decliner in the health care sector; UnitedHealth went down to $511.79, losing 2.74% after it closed at $526.23 Friday. Astrazeneca PLC went down 1.22%, closed at $74.77. Medtronic lost 1.08% Friday and closed at $80.71.
Furthermore, United States Building Permits (Mar) will be released tomorrow at 12:30 UTC.
Trending downwards for around 2 months. Since its 52-week high of $3.36, the Canadian cannabis producer has lost 81.51% over the last twelve months.
