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June 30, 2023
A quick look at today: an influx of buyers helped Green Thumb Industries to end the session higher around $7.62, while establishing a $7.45 to $7.65 session range today.
Green Thumb Industries's uptick comes amid disappointing United States macroeconomic data released during the session – following a previous reading of -0.4%, Pending Home Sales in United States released yesterday at 14:00 UTC fell short of the -0.5% figure expected by analysts with an actual reading of -2.7%.
At the same time, United States Core PCE Price Index (YoY) (May) came out at 4.6, while a consensus of analysts was expecting 4.7. United States Core PCE Price Index (MoM) (May) released today at 12:30 UTC with a figure of 0.3, while the previous figure was 0.4.
Despite posting gains on today, Green Thumb Industries Inc. slid below its 50 day Simple Moving Average at $7.49 during the last session — an early indicator that a negative trend could be emerging. Bollinger Band® analysis indicates that current price action is approaching the upper band at $7.84, thereby suggesting that Green Thumb Industries is becoming overvalued. Green Thumb Industries could be slowing down soon as it approaches resistance at $7.58. Of course, crossing it might suggest further gains are ahead.
Overall, looking at the technical analysis landscape, it seems Green Thumb Industries is likely to reverse course and start pointing down in the short term.
This rally in Green Thumb Industries's share price coincided with other health care stocks as Novo Nordisk was up 3.06%. Pfizer gained 1.55%, as it traded at $36.68. Novartis added 1.56% to its value, and traded at $100.91.
Pointing downwards for around a month. Green Thumb Industries has fallen back around 52.16% from the significant high of $15.63 set 6 months ago.
