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June 16, 2023
Today at a glance: pronounced bullish sentiment in the market helped Green Thumb Industries to make a notable 0.66% gain today, rising 4.99 cents and ultimately closing at $7.56.
Green Thumb Industries's uptick comes amid good United States macroeconomic data released during the day — United States Retail Sales beat the -0.1% projections, with 0.3%.
On the flip side, United States Initial Jobless Claims came out at 262,000, marking no change from preceding figure.
At the same time, United States Philadelphia Fed Manufacturing Index (Jun) came out at -13.7, while a consensus of analysts was expecting -13.5.
Green Thumb Industries Inc. price action is currently oscillating around the $7.78 resistance level with prices moving above and below several times during the session. Despite posting gains on today, Green Thumb Industries slid below its 10 day Simple Moving Average at $7.55 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. On the other hand, note that price action remains constrained around the key Fibonacci level of $7.92 currently serving as resistance. If broken, the next Fib hurdle is expected to be $8.62.
Despite basking in an uptrend and bullish intraday sentiment, chart analysis indicates Green Thumb Industries is set for a reversal in the coming days.
This rally in Green Thumb Industries's share price coincided with other health care stocks as Bristol-Myers Squibb Company gained 2.3%, as it traded at $66.16. AbbVie traded at $138.64 after closing today's trading day at $135.89 (up 2.02%).
While Green Thumb Industries was bullish today, the following health care stocks underperformed: Eli Lilly and Company closed at $447.71 (down 1.37%).
Pointing downwards for around a month. Green Thumb Industries is now trading 51.97% below the significant high of $15.63 it set around 6 months ago.
