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April 13, 2023
A quick look at yesterday: in yesterday's bearish session, the medicinal cannabis specialist shed around 12.39% in quick fashion, found support around the 58.405 cents level and finally closed at 60.01 cents. In contrast, the day's events followed Tuesday's session in which the stock closed at 68.5 cents.
OrganiGram Holdings is currently trading at 60.01 cents following the release of FOMC Meeting Minutes data from the United States.
This down-slide takes place despite the positive US macroeconomics indicators data that was published earlier — United States Crude Oil Inventories improved upon its previous reading of -3.74 million with a new data release of 597,000.
While price action maintains a negative bias, United States Consumer Price Index came out at 0.1%, while a consensus of analysts was expecting 0.2%. United States Consumer Price Index released yesterday at 12:30 UTC with a figure of 5%, while the previous figure was 6%.
A study of OrganiGram Holdings's chart reveals various key levels to watch: OrganiGram Holdings Inc. could begin to recover as it approaches significant support, now 2 cents away from 57.87 cents. Dipping below could be an indication that further losses are ahead. Trend and momentum analysis indicates that the Commodity Channel Index (CCI) indicator is below -100, meaning the market price is unusually low and below its rolling moving average. Technical analysis indicates that a new, strong downtrend could be forthcoming with short positions favored. Analysis based on the asset volatility indicates that OrganiGram Holdings's lower Bollinger Band® is at 59.1626 cents, indicating that the asset has overextended to the downside and could, therefore, bounce back as buyers look for bargains.
Overall, the technical outlook suggests OrganiGram Holdings is likely to remain muted for the immediate future, with no clear-cut direction.
On the other hand, positive performances could be seen by looking at other health care stocks as Novo Nordisk traded at $163.52 after closing yesterday's trading day at $158.37 (up 3.25%). Astrazeneca PLC added 2.19% to its value, and traded at $73.76. Eli Lilly and Company was up 1.38%.
With markets struggling for positive sentiment, upcoming macro data could potentially attract buyers in the market as projections for United States Core Retail Sales are set for a continuation of decline with -0.3% while previous data was -0.1%; data will be released tomorrow at 12:30 UTC. United States Initial Jobless Claims projected to decline to 232,000 while previous data was 228,000; data will be released today at 12:30 UTC.
In addition, 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 today at 12:30 UTC.
On a negative trend for around 2 months. The medicinal cannabis specialist is now trading 14.59% above the significant low (59.78 cents) it slumped to 24 days ago.
