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April 19, 2023
Yesterday at a glance: the Canadian cannabis producer has recovered almost all of its session losses after dipping down to 64.09 cents yesterday.
Crude Oil Inventories data from United States will be released today at 14:30 UTC with analysts expecting a decline to -1 million. Potentially significant price fluctuations in Aurora Cannabis are expected to follow.
While price action maintains a negative bias, United States Building Permits (Mar) released yesterday at 12:30 UTC with a figure of 1.41 million, while the previous figure was 1.55 million. United States API Weekly Crude Oil Stock came out at -2.67 million, while a consensus of analysts was expecting -2.46 million. Following a previous reading of 7.3%, Housing Starts in United States released yesterday at 12:30 UTC fell short of the 0.4% figure expected by analysts with an actual reading of -0.8%.
Aurora Cannabis chart analysis: Aurora Cannabis Inc. could begin to recover as it approaches significant support, now 1 cents away from 63.3833 cents. Dipping below could be an indication that further losses are ahead. With regards to technical trend indicators, chart analysis show that Aurora Cannabis made an initial break below its 10 day Simple Moving Average at 65.505 cents, a possible indication of a forthcoming negative trend. According to asset volatility analysis, Aurora Cannabis's lower Bollinger Band® is at 62.2276 cents, indicating that the asset has overextended to the downside and could, therefore, bounce back as buyers look for bargains.
With market volatility ebbing, the current technical outlook indicates Aurora Cannabis will remain range-bound for the immediate future.
Aurora Cannabis was not the only decliner in the health care sector; Johnson & Johnson falls 2.81% yesterday to close at $165.67. Pfizer went down 1.53%, closed at $41.18.
On the other hand, positive performances could be seen by looking at other health care stocks as Astrazeneca PLC traded at $75 after closing yesterday's trading day at $73.63 (up 1.89%).
Looking ahead, ongoing depreciation may be prolonged as today at 14:30 UTC data for United States Crude Oil Inventories will be released, with an expected decline to -1 million from the preceding figure of 597,000.
Furthermore, United States Philadelphia Fed Manufacturing Index (Apr) is expected tomorrow at 12:30 UTC. United States Existing Home Sales (Mar) scheduled to come out tomorrow at 14:00 UTC.
Pointing downwards for around 2 months. The Canadian cannabis spearhead is trading 80.72% lower compared to the $3.36 high it reached over the past year.
