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February 28, 2023
As traders prepare for a higher market open today, yesterday's bearish sentiment is in focus: an influx of sellers pushed Green Thumb Industries to session lows around $8.2 while establishing a $8.2 to $8.65 session range yesterday.
United States Consumer Confidence data will be released today at 15:00 UTC, with an expected improvement to 108.5. Green Thumb Industries reaction to indicator information will follow.
This down-slide takes place while positive United States macroeconomics indicators data was published earlier – data for United States Pending Home Sales published yesterday at 15:00 UTC came out at 8.1%, beating projections of 1% and showing improvement over the preceding figure of 1.1%. Highly important Core Durable Goods Orders data from United States beat analyst expectations of 0.1% with a reading of 0.7%.
Meanwhile, following a previous reading of 5.1%, Core Durable Goods Orders in United States released yesterday at 13:30 UTC fell short of the -4% figure expected by analysts with an actual reading of -4.5%.
Trend-following investors would be interested to note that Green Thumb Industries Inc. made an initial break below its 50 day Simple Moving Average at $8.47, a possible indication of a forthcoming negative trend. Analysis based on the asset volatility indicates that Green Thumb Industries's lower Bollinger Band® is at $7.94, indicating that the asset has overextended to the downside and could, therefore, bounce back as buyers look for bargains. Technical analysis of Green Thumb Industries's past price action reveals multiple support and resistance levels: Green Thumb Industries could begin to recover as it approaches significant support, now 15 cents away from $8.06. Dipping below could be an indication that further losses are ahead.
With market volatility ebbing, the current technical outlook indicates Green Thumb Industries will remain range-bound for the immediate future.
Green Thumb Industries was not the only decliner in the health care sector; Pfizer closed at $40.78 (down 2.32%). Eli Lilly and Company went down to $316.62, losing 1.56% after it closed at $321.64 yesterday.
On the other hand, positive performances could be seen by looking at other health care stocks as Novo Nordisk was up 1.24%.
Looking ahead, ongoing depreciation may be prolonged as projections for United States Crude Oil Inventories are set for a continuation of decline with 440,000 while previous data was 7.65 million; data will be released tomorrow at 15:30 UTC.
Some optimism can drawn from the fact that United States Consumer Confidence is projected to outperform its last figure with 108.5, having previously been at 107.1. The figure will be published today at 15:00 UTC.
Furthermore, United States ISM Manufacturing PMI (Feb) will be released tomorrow at 15:00 UTC.
The stock has been trending positively for about a month. Green Thumb Industries has shed 35.26% over the past three months.
