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April 04, 2023
Tough session sees Green Thumb Industries shedding 3.52% in early trade
Green Thumb Industries is currently trading at $7.07 following the release of JOLTs Job Openings (Feb) data from the United States.
Meanwhile, United States JOLTs Job Openings (Feb) released today at 14:00 UTC with a figure of 9.93 million, while the previous figure was 10.56 million. United States ISM Manufacturing PMI (Mar) came out at 46.3, while a consensus of analysts was expecting 47.5. United States Factory Orders released earlier showed a marked improvement to -0.7% from the preceding data of -2.1%, but fell short of the -0.5% figure forecast by a consensus of market analysts.
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. According to momentum evaluation, the Relative Strength Index indicates Green Thumb Industries is in an oversold condition, which could precipitate a reversal and set up a new bullish phase. Asset volatility analysis shows that Green Thumb Industries's lower Bollinger Band® is at $7.36, indicating that the asset has overextended to the downside and could, therefore, bounce back as buyers look for bargains. Technical analysis of Green Thumb Industries's past price action reveals multiple support and resistance levels: Green Thumb Industries could begin to recover as it approaches significant support, now 2 cents away from $7.08. Dipping below could be an indication that further losses are ahead.
With market volatility ebbing, the current technical outlook indicates Green Thumb Industries will remain range-bound for the immediate future.
Green Thumb Industries's stock value drop coincides with Pfizer is down to $40.9, losing 1.09%, after ending yesterday at $41.35.
Positive performances can be seen by looking at other health care stocks as Eli Lilly and Company is up 1.78%. Abbott Laboratories is trading at $102.81 after ending yesterday's session at $101.59 (up 1.2%).
Moreover, United States Crude Oil Inventories is projected to outperform its last figure with -1.8 million. It previously stood at -7.49 million; data will be released tomorrow at 14:30 UTC.
Furthermore, United States ADP Nonfarm Employment Change (Mar) will be released tomorrow at 12:15 UTC. United States ISM Non-Manufacturing PMI (Mar) is expected tomorrow at 14:00 UTC.
Pointing downwards for around a month. Green Thumb Industries is trading 61.4% lower compared to the $18.97 high it reached over the past year.
