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June 09, 2023
Pre-open trade suggests a higher market open today with yesterday's bullish sentiment adding to the risk-on mood. After closing at $7.6 on Wednesday, Green Thumb Industries maintained a strong bullish bias that helped the stock close higher at $7.7 yesterday. However, market bears ensured the Green Thumb Industries topped out at $7.9 and that by the end of the session, the market had marked out a distinct $7.58 to $7.9 range.
On the flip side, United States Initial Jobless Claims fell short of the 235,000 projections, with new data of 261,000.
At the same time, United States Fed's Balance Sheet released yesterday at 20:30 UTC with a figure of 8.39 trillion, while the previous figure was 8.39 trillion. United States Reserve Balances with Federal Reserve Banks released yesterday at 20:30 UTC with a figure of 3.31 trillion, while the previous figure was 3.21 trillion.
Trend analysis indicates that the Commodity Channel Index (CCI) indicator is above +100, meaning the market price is unusually high compared to the rolling average. Green Thumb Industries failed to break through the $7.71 Fibonacci resistance level. Analysis based on the asset volatility indicates that Bollinger Band® analysis indicates that current price action is approaching the upper band at $7.78, thereby suggesting that Green Thumb Industries is becoming overvalued. Analysis of Green Thumb Industries's recent price action suggests although Green Thumb Industries is appreciating today after rising as high as $7.9, price action is now slowing and consolidating around 17 cents below the $7.87 resistance level.
Overall, while Green Thumb Industries has been on an uptrend, technical indicators suggest that it has no obvious direction for the immediate future.
A look at other health care stocks also showed bullish price action as Novartis traded at $100.65 after closing yesterday's trading day at $98.5 (up 2.18%). Eli Lilly and Company added 2.13% to its value, and traded at $445.66. Merck traded at $110.32 after closing yesterday's trading day at $108.61 (up 1.57%).
Pointing downwards for around a month. Green Thumb Industries is now trading 51.39% below the significant high of $15.63 it set around 6 months ago.
