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March 03, 2023
A quick look at yesterday: after ending Wednesday at $3.73, Curaleaf went up to $3.85 only to drop back, yet still traded well overall and closed at $3.85 yesterday.
United States ISM Non-Manufacturing PMI (Feb) is next today at 15:00 UTC.
Curaleaf's uptick comes amid good United States macroeconomic data released during the day — United States Initial Jobless Claims beat the 195,000 projections, with 190,000.
Meanwhile, United States Nonfarm Productivity (QoQ) (Q4) released yesterday at 13:30 UTC with a figure of 1.7, while the previous figure was 1.4. United States Unit Labor Costs (QoQ) (Q4) came out at 3.2, while a consensus of analysts was expecting 1.6.
Support/Resistance levels obtained from chart analysis indicate that Curaleaf Holdings, Inc. could be slowing down soon as it approaches resistance at $3.93. Of course, crossing it might suggest further gains are ahead. Technical analysis trend indicators suggest that Curaleaf made an initial breakout above its 21 day Simple Moving Average at $3.79, a potential indicator of a newly emerging bullish phase. Asset volatility analysis shows that Curaleaf's upper Bollinger Band® is at $3.96, this is a slight indication of a slowdown.
Notwithstanding Curaleaf's appreciation in recent days, the technical outlook suggests its bullish run is now fading.
This rally in Curaleaf's share price coincided with other health care stocks as Abbott Laboratories traded at $102.63 after closing yesterday's trading day at $100.83 (up 1.79%). Novartis was up 1.55%. Thermo Fisher Scientific traded at $548.75 after closing yesterday's trading day at $538.52 (up 1.9%).
Also worthy of note, United States ISM Non-Manufacturing PMI (Feb) is scheduled for today at 15:00 UTC.
On a negative trend for around 2 months. Having set a significant high of $7.57 2 months ago, the US-based cannabis dispensary is trading 50.7% lower.
