Curaleaf loses 16.67% in after hours trading after closing at $2.88 today

Today at a glance: an influx of buyers helped the US-based cannabis dispensary to end the session higher around $2.88, while establishing a $2.7 to $2.92 session range today.

Curaleaf is currently trading at $2.88 following the release of Existing Home Sales (Apr) data from the United States.

Curaleaf's uptick comes amid good United States macroeconomic data released during the day — United States Initial Jobless Claims beat analyst expectations of 254,000 and the previous reading of 264,000 with new data of 242,000.

At the same time, United States Existing Home Sales (Apr) came out at 4.28 million, while a consensus of analysts was expecting 4.3 million. United States Philadelphia Fed Manufacturing Index (May) released today at 12:30 UTC with a figure of -10.4, while the previous figure was -31.3.

Curaleaf Holdings, Inc. made an initial breakout above its 50 day Simple Moving Average at $2.8, a potential indicator of a newly emerging bullish phase. Curaleaf broke through the $2.81 resistance, climbing 7 cents above it. On the other hand, note that Curaleaf's upper Bollinger Band® is at $2.94, this is a slight indication of a slowdown.

Overall, looking at the technical analysis landscape, it seems Curaleaf likely to continue pointing upward in the short term.

While Curaleaf was bullish today, the following health care stocks underperformed: Bristol-Myers Squibb Company closed at $65.7 (down 1.25%). Novartis goes down 0.86% today to close at $101.22. Pfizer slides down 0.73% today to close at $36.75.

Also worthy of note, United States Fed Chair Powell speech is expected tomorrow at 15:00 UTC.

5 months ago the US-based cannabis dispensary reached a significant high of $7.57 but has consequently lost 64.07% since then.