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February 27, 2023
Friday at a glance: the Canadian cannabis spearhead hovered around the 85.7 cents level after closing Thursday at 87 cents and shedding 1.49%, as it reached reached Friday's session close.
United States Core Durable Goods Orders data will be released today at 13:30 UTC, with an expected improvement to 0.1%. Aurora Cannabis reaction to indicator information will follow.
A study of Aurora Cannabis's chart reveals various key levels to watch: Aurora Cannabis Inc. could begin to recover as it approaches significant support, now 1 cents away from 84.4667 cents. Dipping below could be an indication that further losses are ahead. Trend analysis indicates 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. Having stamped out a session range of 84 cents to 86 cents, Fibonacci-inclined Aurora Cannabis traders were highly concentrated around active Fibonacci support at 84.67 cents. Asset volatility analysis shows that Aurora Cannabis's lower Bollinger Band® is at 80.2544 cents, indicating that the asset has overextended to the downside and could, therefore, bounce back as buyers look for bargains.
With market volatility ebbing, the current technical outlook indicates Aurora Cannabis will remain range-bound for the immediate future.
Aurora Cannabis was not the only decliner in the health care sector; Abbott Laboratories lost 2.04% Friday and closed at $100.46. Eli Lilly and Company lost 1.8% Friday and closed at $321.64. Pfizer lost 1.3% Friday and closed at $41.75.
Looking ahead, ongoing depreciation may be prolonged as today at 15:00 UTC data for United States Pending Home Sales will be released, with an expected decline to 1% from the preceding figure of 2.5%.
Moreover, United States Core Durable Goods Orders is projected to outperform its last figure with 0.1%. It previously stood at -0.2%; data will be released today at 13:30 UTC. United States Consumer Confidence is projected to outperform its last figure with 108.5. It previously stood at 107.1; data will be released tomorrow at 15:00 UTC.
11 months ago the Canadian cannabis producer reached a significant high of $4.46 but has consequently lost 80.49% since then.
