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April 17, 2023
As traders prepare for a higher market open today, Friday's bearish sentiment is in focus: in Friday's bearish session, Green Thumb Industries shed around 2.74% in quick fashion, found support around the $6.95 level and finally closed at $7.1. In contrast, the day's events followed Thursday's session in which the stock closed at $7.3.
Trend and momentum analysis indicates that Green Thumb Industries Inc. made an initial break below its 10 day Simple Moving Average at $7.27, a possible indication of a forthcoming negative trend. Bearish sentiment was sufficient to push prices below the known Fib level of $seven serving as intraday support. Analysis based on the asset volatility indicates that Green Thumb Industries's lower Bollinger Band® is at $6.71, indicating that the asset has overextended to the downside and could, therefore, bounce back as buyers look for bargains. Chart analysis indicates Green Thumb Industries could begin to recover as it approaches significant support, now 21 cents away from $6.89. Dipping below could be an indication that further losses are ahead.
Notwithstanding Green Thumb Industries's appreciation in recent days, the technical outlook suggests its bullish run is now fading.
Green Thumb Industries was not the only decliner in the health care sector; UnitedHealth closed at $511.79 (down 2.74%). Astrazeneca PLC lost 1.22% Friday and closed at $73.86. Medtronic closed at $80.71 (down 1.08%).
Furthermore, United States Building Permits (Mar) is scheduled for tomorrow at 12:30 UTC.
Pointing downwards for around a month. Green Thumb Industries hit a significant low of $seven around 6 days ago, but has since recovered 4.29%.
