| 
May 12, 2023OrganiGram Holdings traders are preparing for a tough opening bell in 5 hours time as pre-market trade emphasizes yesterday's bearish bias. In yesterday's bearish session, the medicinal cannabis specialist shed around 1.1% in quick fashion, found support around the 48.03 cents level and finally closed at 49.45 cents. In contrast, the day's events followed Wednesday's session in which the stock closed at 50 cents.
United States Producer Price Index improved upon its previous reading of -0.4% with a new data release of 0.2%. Initial Jobless Claims in United States fell short of market expectations (245,000) with a reading of 264,000, continuing the decline from the previous figure of 242,000.
Meanwhile, United States Fed's Balance Sheet released yesterday at 20:30 UTC with a figure of 8.50 trillion, while the previous figure was 8.50 trillion.
OrganiGram Holdings Inc. could begin to recover as it approaches significant support, now 1 cents away from 48.3 cents. Dipping below could be an indication that further losses are ahead. Bollinger Bands® shows an indication of recovery: the lower band is at 46.9739 cents, a low enough level to, generally, suggest that OrganiGram Holdings is trading below its fair value. Despite this, OrganiGram Holdings is currently flirting with an active Fibonacci support level around 48.27 cents.
Technical analysis shows that OrganiGram Holdings (currently on a downtrend) might reverse course and start going up in the short term.
OrganiGram Holdings was not the only decliner in the health care sector; Pfizer lost 0.82% yesterday and closed at $37.58. Amgen went down to $232.29, losing 0.78% after it closed at $234.11 yesterday.
On the other hand, positive performances could be seen by looking at other health care stocks as Bristol-Myers Squibb Company was up 0.86%.
Trending downwards for around 3 months. The medicinal cannabis specialist is now trading 41.02% below its 3-month high of $1.33.
