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April 24, 2023
A quick look at today: the consumer packaged goods provider hovered around the 75 cents level after closing Friday at 78 cents and shedding 3.85%, as it reached reached today's session close.
Chart analysis indicates Village Farms International, Inc. broke through the 76.3333 cents support line and dropped 1 cents below it. Trend-focused traders would be interested to note 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 Village Farms's lower Bollinger Band® is at 74.5178 cents, indicating that the asset has overextended to the downside and could, therefore, bounce back as buyers look for bargains.
All in all, the technical analysis suggests Village Farms has no clear-cut direction.
On the other hand, positive performances could be seen by looking at other consumer staples stocks as Costco traded at $511.42 after closing today's trading day at $506.35 (up 1%). Walmart added 0.68% to its value, and traded at $152.76. Philip Morris International gained 0.59%, as it traded at $98.35.
With markets struggling for positive sentiment, upcoming macro data could potentially attract buyers in the market as as things stand, upcoming United States Consumer Confidence data is projected to fall short of market expectations with newly published data of 104, following on from the preceding figure of 104.2. New data is set to be published tomorrow at 14:00 UTC.
Furthermore, United States Building Permits scheduled to come out tomorrow at 13:30 UTC. United States New Home Sales (Mar) is expected tomorrow at 14:00 UTC.
On a negative trend for around 2 months. The controlled environment agriculture pioneer has fallen back around 82.51% from the significant high of $4.46 set 11 months ago.
