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June 21, 2023
From an earlier low of $three, the leading medical and recreational marijuana dispensary is on track to end the session around $3.21 after gaining 18 cents compared to last trading session's $3.03 (5.94%).
Curaleaf is currently trading at $3.21 following the release of Fed Chair Powell testimony data from the United States.
Meanwhile, United States Building Permits (May) released yesterday at 12:30 UTC with a figure of 1.49 million, while the previous figure was 1.15 million. Fresh 20-Year Bond Auction data from United States came out at 4.01. Data for United States Housing Starts published yesterday at 12:30 UTC came out at 21.7%, beating projections of -0.8% and showing improvement over the preceding figure of -2.9%.
Curaleaf Holdings, Inc. broke through the $3.11 resistance and climbed above it 10 cents; next resistance level is at $3.18. Curaleaf has crossed the upper Bollinger Band® at $3.17, a potential sign that further gains are to follow. In contrast, although up today, early price action saw Curaleaf dropping below its 3 day Simple Moving Average at $3.03 — an early indicator that a new downward trend could be emerging.
Overall, looking at the technical analysis landscape, it seems Curaleaf likely to continue pointing upward in the short term.
This rally in Curaleaf's share price coincides with other health care stocks as UnitedHealth is up 1.68%. Merck is up 0.95%. Sanofi is trading at $53.64 after ending yesterday's session at $53.1 (up 1.02%).
Moreover, macro data could boost sentiment further as United States Initial Jobless Claims is projected to outperform its last figure with 260,000. It previously stood at 262,000; data will be released tomorrow at 12:30 UTC.
Also worthy of note, tomorrow at 15:00 UTC data for United States Crude Oil Inventories will be released, with an expected decline to 1.87 million from the preceding figure of 7.92 million.
Furthermore, the market is looking at United States Existing Home Sales (May) is expected tomorrow at 14:00 UTC.
The stock has been trending positively for about a month. Having soared to a high of $7.57 approximately 6 months ago, the leading medical and recreational marijuana dispensary is now trading 59.97% lower.
