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July 05, 2023
The US stock market is closed for the July 4th holiday and resumes today. Meanwhile, here is a recap of Monday: the Canadian cannabis producer went up to 58.01 cents, gaining 8.51%.
Aurora Cannabis's notable support and resistance levels: Aurora Cannabis Inc. could be slowing down soon; it is getting close to the resistance line and is now at 60.5067 cents, only 2 cents away. Crossing the resistance line could, however, suggest that further gains are ahead. Trend-following investors would be interested to note that Aurora Cannabis made an initial breakout above its 50 day Simple Moving Average at 57.4226 cents, a potential indicator of a newly emerging bullish phase. Fibonacci-focused traders would be interested to note that Aurora Cannabis is oscillating around the key Fibonacci resistance level of 56.6363 cents. Analysis based on the asset volatility indicates that Bollinger Band® analysis indicates that current price action is approaching the upper band at 59.7733 cents, thereby suggesting that Aurora Cannabis is becoming overvalued.
Notwithstanding Aurora Cannabis's appreciation in recent days, the technical outlook suggests its bullish run is now fading.
Aurora Cannabis went up Monday, yet these health care stocks did not follow — Astrazeneca PLC went down 8.83%, closed at $71.57. Novartis went down 2.12%, closed at $100.91. Stryker went down 2.32%, closed at $305.09.
Monday's gains have given market bulls further impetus to expect strong macro data going forward, such as United States Crude Oil Inventories is projected to outperform its last figure with -729,000. It previously stood at -9.60 million; data will be released tomorrow at 15:00 UTC.
Furthermore, the market is looking at projections for United States Initial Jobless Claims are set for a continuation of decline with 245,000 while previous data was 239,000; data will be released tomorrow at 12:30 UTC.
Furthermore, the market is looking at United States ADP Nonfarm Employment Change (Jun) is expected tomorrow at 12:15 UTC.
The stock has been trending positively for about a month. Over the past 10 months, the Canadian cannabis producer has retreated 71.71% from a noteworthy peak of $1.89.
