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June 03, 2023
A quick look at yesterday: generally flat but with a slight bullish bias, Green Thumb Industries ranged between $7.35 and $7.6 before closing higher at $7.45.
Green Thumb Industries's uptick comes amid good United States macroeconomic data released during the day — United States Non Farm Payrolls beat analyst expectations of 180,000 and the previous reading of 294,000 with new data of 339,000.
On the flip side, data from United States concerning Average Hourly Earnings was released yesterday at 12:30 UTC. Newly published figures emphasized continued decline from last month's figure of 0.4% to 0.3% this month. Data from United States concerning Unemployment Rate was released yesterday at 12:30 UTC. Newly published figures emphasized continued decline from last month's figure of 3.4 to 3.7 this month.
Despite posting gains on yesterday, Green Thumb Industries Inc. slid below its 50 day Simple Moving Average at $7.44 during the last session — an early indicator that a negative trend could be emerging. After reaching the known resistance zone beginning at $7.58, Green Thumb Industries price action retreated approximately 13 cents. On the other hand, note that 'Bullish Harami' is a candlestick chart indicator used for detecting reversals in an existing bear trend. It is generally indicated by a small price increase that's contained within a broader downward price movement and is commonly associated with a bearish trend coming to an end.
Green Thumb Industries is likely to reverse course and start pointing downward in the short term.
This rally in Green Thumb Industries's share price coincided with other health care stocks as AbbVie gained 2.57%, as it traded at $136.87. Novartis was up 1.85%. Johnson & Johnson added 1.57% to its value, and traded at $156.97.
Approximately 5 months ago, Green Thumb Industries reached a significant high of $15.63 but has struggled to hold onto its gains and declined 52.67% since then.
