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April 17, 2023Friday at a glance: the medical cannabis provider dropped 7.22% early on and traded close to the 55.5 cents level.
Chart analysis indicates OrganiGram Holdings Inc. could begin to recover as it approaches significant support, now 2 cents away from 53.3333 cents. Dipping below could be an indication that further losses are ahead. Trend 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 56.17 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 OrganiGram Holdings will remain range-bound for the immediate future.
OrganiGram Holdings was not the only decliner in the health care sector; UnitedHealth lost 2.74% Friday and closed at $511.79. Astrazeneca PLC lost 1.22% Friday and closed at $73.86. Medtronic stumbles 1.08% Friday to close at $81.59.
Furthermore, United States Building Permits (Mar) will be released tomorrow at 12:30 UTC.
On a negative trend for around 2 months. 3 days ago, the medicinal cannabis specialist fell to a low of 55.5 cents but has since recovered 7.78%.
