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June 29, 2023
After dipping down to $2.98, Curaleaf regained earlier losses and ended up at $3.04.
- United States GDP data will be released today at 12:30 UTC, with an expected decline to 1.4.
- Yesterday's gains are in contrast to Curaleaf's bearish trend (lasting 5 days) during which it lost 14 cents of its value.
Earlier data releases related to Curaleaf – following a previous reading of -3.83 million, Crude Oil Inventories in United States released yesterday at 14:30 UTC fell short of the -1.76 million figure expected by analysts with an actual reading of -9.60 million. United States 7-Year Note Auction released yesterday at 17:00 UTC with a figure of 3.839, while the previous figure was 3.827.
Here is the technical analysis of Curaleaf before macro data is released:
Curaleaf Holdings, Inc. could be slowing down soon as it approaches resistance at $3.08. Of course, crossing it might suggest further gains are ahead. Despite posting gains on yesterday, Curaleaf slid below its 10 day Simple Moving Average at $3.04 during the last session — an early indicator that a negative trend could be emerging. Curaleaf's upper Bollinger Band® is at $3.22, this is a slight indication of a slowdown.
Overall, looking at the technical analysis landscape, it seems Curaleaf is likely to reverse course and start pointing down in the short term.
Coming up for Curaleaf — projections for United States GDP are set for a continuation of decline with 1.4 while previous data was 2.6; data will be released today at 12:30 UTC. United States Initial Jobless Claims projected to come out at 266,000 — worse than previous data of 264,000; data will be released today at 12:30 UTC.
As the markets get ready for more data to be released — UnitedHealth went down to $474.45, losing 1.68% after it closed at $482.56 yesterday. Eli Lilly and Company went down 1.25%, closed at $464.5. Bristol-Myers Squibb Company lost 1.02% yesterday and closed at $64.09.
The stock has been trending positively for about a month. Having set a significant high of $7.57 6 months ago, the US-based cannabis dispensary is trading 59.97% lower.
