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February 22, 2023
A quick look at yesterday: a tough session dominated by bearish sentiment left OrganiGram Holdings 4.12 cents lower, while setting a 76.5 cents to 80 cents session range.
United States FOMC Meeting Minutes is next today at 19:00 UTC.
Amid the market gloom, United States Existing Home Sales (Jan) came out at 4 million, while a consensus of analysts was expecting 4 million. United States 2-Year Note Auction released yesterday at 18:00 UTC with a figure of 4.673, while the previous figure was 4.139. United States Existing Home Sales released earlier showed a marked improvement to -0.7% from the preceding data of -2.2%, but fell short of the 2% figure forecast by a consensus of market analysts.
Technical analysis trend indicators suggest that the Commodity Channel Index (CCI) indicator is below -100, meaning the market price is unusually low and below its rolling moving average. Technical analysis indicates that a new, strong downtrend could be forthcoming with short positions favored. Analysis based on the asset volatility indicates that Bollinger Bands® shows an indication of recovery: the lower band is at 76.4232 cents, a low enough level to, generally, suggest that OrganiGram Holdings is trading below its fair value. A study of OrganiGram Holdings's historical price actions shows OrganiGram Holdings could begin to recover as it approaches significant support, now 1 cents away from 75.5867 cents. Dipping below could be an indication that further losses are ahead.
Overall, the technical outlook suggests OrganiGram Holdings is likely to remain muted for the immediate future, with no clear-cut direction.
OrganiGram Holdings was not the only decliner in the health care sector; Abbott Laboratories drops 2.89% yesterday to close at $106.74. Johnson & Johnson drops 1.49% yesterday to close at $160.39. Pfizer went down 1.18%, closed at $43.21.
Looking ahead, ongoing depreciation may be prolonged as as things stand, upcoming United States Crude Oil Inventories data is projected to fall short of market expectations with newly published data of 1.17 million, following on from the preceding figure of 16.28 million. New data is set to be published tomorrow at 16:00 UTC. United States Initial Jobless Claims projected to come out at 200,000 — worse than previous data of 194,000; data will be released tomorrow at 13:30 UTC.
Furthermore, United States GDP is expected tomorrow at 13:30 UTC.
Trading mostly sideways for a month. The medicinal cannabis specialist reached a significant high of $1.81 around 10 months ago but has lost 55.25% since then.
