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May 03, 2023
Pre-open trade suggests a higher market open today with yesterday's bullish sentiment adding to the risk-on mood. After dipping down to $7.08, Green Thumb Industries regained earlier losses and reached $7.42.
United States ADP Nonfarm Employment Change (Apr) is next today at 12:15 UTC.
At the same time, United States JOLTs Job Openings (Mar) came out at 9.59 million, while a consensus of analysts was expecting 9.78 million. United States API Weekly Crude Oil Stock released yesterday at 20:30 UTC with a figure of -3.94 million, while the previous figure was -6 million. United States Factory Orders released earlier showed a marked improvement to 0.9% from the preceding data of -1.1%, but fell short of the 1.1% figure forecast by a consensus of market analysts.
Despite posting gains on yesterday, Green Thumb Industries Inc. slid below its 21 day Simple Moving Average at $7.13 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 $7.47, thereby suggesting that Green Thumb Industries is becoming overvalued. Green Thumb Industries is 19 cents away from testing key resistance at $7.62. Peaking above this level could inspire market bulls and open the path to further gains.
Technical analysis suggests there could be an imminent reversal for Green Thumb Industries.
A look at other health care stocks also showed bullish price action as Merck was up 1.33%. Johnson & Johnson gained 0.87%, as it traded at $165.03.
While Green Thumb Industries was bullish yesterday, the following health care stocks underperformed: Stryker falls 2% yesterday to close at $299.89.
Yesterday's gains have given market bulls further impetus to expect strong macro data going forward, such as United States Crude Oil Inventories is projected to outperform its last figure with -1.1 million. It previously stood at -5 million; data will be released today at 14:30 UTC.
Furthermore, the market is looking at projections for United States Initial Jobless Claims are set for a continuation of decline with 240,000 while previous data was 230,000; data will be released tomorrow at 12:30 UTC.
The market is looking forward to the release of new data: United States Interest Rate is expected today at 18:00 UTC.
On a negative trend for around 2 months. Green Thumb Industries is now trading 7.79% above the significant low ($6.8) it slumped to 8 days ago.
