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June 23, 2023
Yesterday at a glance: after dipping down to 39 cents, OrganiGram Holdings regained earlier losses and reaches 42 cents.
United States Services PMI is next today at 13:45 UTC.
Nevertheless, United States Crude Oil Inventories fell short of the 1.87 million projections, with new data of -3.83 million. United States Initial Jobless Claims came out at 264,000, marking no change from preceding figure.
Meanwhile, United States Existing Home Sales (May) released yesterday at 14:00 UTC with a figure of 4.3 million, while the previous figure was 4.29 million.
A study of OrganiGram Holdings's historical price actions shows OrganiGram Holdings Inc. could be slowing down soon as it approaches resistance at 43.4667 cents. Of course, crossing it might suggest further gains are ahead. Concerning technical analysis and more specifically, trend indicators, OrganiGram Holdings made an initial breakout above its 10 day Simple Moving Average at 42.005 cents, a potential indicator of a newly emerging bullish phase. Asset volatility analysis shows that Bollinger Band® analysis indicates that current price action is approaching the upper band at 45.0604 cents, thereby suggesting that OrganiGram Holdings is becoming overvalued.
Overall, the technical outlook suggests OrganiGram Holdings is likely to remain muted for the immediate future, with no clear-cut direction.
This rally in OrganiGram Holdings's share price coincided with other health care stocks as Merck added 2.3% to its value, and traded at $113.72. Abbott Laboratories was up 1.88%. Johnson & Johnson added 1.06% to its value, and traded at $165.62.
The market is looking forward to the release of new data: United States Services PMI figure is projected at 54. It previously stood at 54.9; data will be released today at 13:45 UTC.
Trending downwards for around 5 months. The medical cannabis provider has fallen back around 66.94% over the past 10 months, from a notable high of $1.24.
