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April 27, 2023
Pre-open trade suggests a higher market open today with yesterday's bullish sentiment adding to the risk-on mood. Bullish sentiment helped Green Thumb Industries to hammer out a noteworthy $6.65 to $6.89 range yesterday, and finally closing at $6.89 to end the session.
United States GDP data will be released today at 12:30 UTC, with an expected decline to two.
Green Thumb Industries's uptick comes amid good United States macroeconomic data released during the day — United States Core Durable Goods Orders beat the -0.2% projections, with 0.3%.
On the flip side, Crude Oil Inventories in United States fell short of market expectations (-1.49 million) with a reading of -5 million, continuing the decline from the previous figure of -4.58 million.
At the same time, United States 5-Year Note Auction released yesterday at 17:00 UTC with a figure of 3.5, while the previous figure was 3.665.
A "Bullish Engulfing" pattern — a scenario when a larger green candle engulfs a smaller red candle, at the bottom of a prevailing downtrend. Typically this is a signal of higher prices in the near term. Green Thumb Industries made an initial breakout above its 3 day Simple Moving Average at $6.89, a potential indicator of a newly emerging bullish phase. Green Thumb Industries's lower Bollinger Band® is at $6.62, indicating that the market is oversold and fertile for new buyers. Despite this, Green Thumb Industries could be slowing down soon; it is getting close to the resistance line and is now at $6.97, only 8 cents away. Crossing the resistance line could, however, suggest that further gains are ahead.
Green Thumb Industries continues to move higher with technical analysis indicating the trend will continue in the short term.
While Green Thumb Industries was bullish yesterday, the following health care stocks underperformed: Bristol-Myers Squibb Company closed at $68 (down 3.16%). Merck closed at $113.43 (down 2.66%). Astrazeneca PLC falls 2.66% yesterday to close at $75.66.
Also worthy of note, projections for United States Pending Home Sales are set for a continuation of decline with 0.5% while previous data was 0.8%; data will be released today at 14:00 UTC. As things stand, upcoming United States GDP data is projected to fall short of market expectations with newly published data of two, following on from the preceding figure of 2.6. New data is set to be published today at 12:30 UTC. Today at 12:30 UTC data for United States Initial Jobless Claims will be released, with an expected decline to 248,000 from the preceding figure of 245,000.
On a negative trend for around 2 months. Having set a significant high of $15.64 1 year, 1 day ago, Green Thumb Industries is trading 56.52% lower.
