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March 12, 2023
Friday at a glance: a tough session dominated by bearish sentiment left Aurora Cannabis 6.59 cents lower, while setting a 73.05 cents to 80.86 cents session range.
With regards to technical trend indicators, chart analysis show 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. According to momentum evaluation, the Relative Strength Index indicates Aurora Cannabis is in an oversold condition, which could precipitate a reversal and set up a new bullish phase. Asset volatility analysis shows that Aurora Cannabis's lower Bollinger Band® is at 73.0384 cents, indicating that the asset has overextended to the downside and could, therefore, bounce back as buyers look for bargains. A study of Aurora Cannabis's chart reveals various key levels to watch: Aurora Cannabis could begin to recover as it approaches significant support, now 3 cents away from 70.8933 cents. Dipping below could be an indication that further losses are ahead.
Overall, the technical outlook suggests Aurora Cannabis is likely to remain muted for the immediate future, with no clear-cut direction.
Aurora Cannabis was not the only decliner in the health care sector; Medtronic closed at $76.72 (down 1.64%). Thermo Fisher Scientific lost 1.7% Friday and closed at $543.83.
On the other hand, positive performances could be seen by looking at other health care stocks as AbbVie added 1.6% to its value, and traded at $149.71.
On a negative trend for around a month. After hitting an important low of 73.72 cents approximately 2 days ago, the Canadian cannabis spearhead has bounced back 8.94% since.
