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March 08, 2023
A quick look at yesterday: the medical cannabis provider dropped 2.92% early on and traded close to the 72.7 cents level.
OrganiGram Holdings is currently trading at 72.7 cents following the release of EIA Short-Term Energy Outlook data from the United States.
Amid the market gloom, United States API Weekly Crude Oil Stock came out at -3.83 million, while a consensus of analysts was expecting -308,000. United States 3-Year Note Auction released yesterday at 18:00 UTC with a figure of 4.635, while the previous figure was 4.073.
Despite being in the red so far in the current trading session, OrganiGram Holdings Inc. peaked above its 3 day Simple Moving Average around 74.25 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 69.8182 cents, a low enough level to, generally, suggest that OrganiGram Holdings is trading below its fair value. OrganiGram Holdings could begin to recover as it approaches significant support, now 1 cents away from 71.5333 cents. Dipping below could be an indication that further losses are ahead.
Technical analysis shows that OrganiGram Holdings (currently on a downtrend) might reverse course and start going up in the short term.
With markets struggling for positive sentiment, upcoming macro data could potentially attract buyers in the market as United States Crude Oil Inventories projected to come out at 395,000 — worse than previous data of 1.17 million; data will be released today at 15:30 UTC.
Furthermore, United States ADP Nonfarm Employment Change (Feb) scheduled to come out today at 13:15 UTC. United States JOLTs Job Openings (Jan) will be released today at 15:00 UTC.
On a negative trend for around a month. Over the past 10 months, the medicinal cannabis specialist has retreated 58.62% from a noteworthy peak of $1.81.
