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April 19, 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 end the session lower around $7.1, while establishing a $7.05 to $7.28 session range yesterday.
Crude Oil Inventories data from United States will be released today at 14:30 UTC with analysts expecting a decline to -1 million. Potentially significant price fluctuations in Green Thumb Industries are expected to follow.
While price action maintains a negative bias, United States Building Permits (Mar) released yesterday at 12:30 UTC with a figure of 1.41 million, while the previous figure was 1.55 million. United States API Weekly Crude Oil Stock came out at -2.67 million, while a consensus of analysts was expecting -2.46 million. Housing Starts in United States fell short of market expectations (0.4%) with a reading of -0.8%, continuing the decline from the previous figure of 7.3%.
Green Thumb Industries Inc. could begin to recover as it approaches significant support, now 9 cents away from $7. Dipping below could be an indication that further losses are ahead. Bollinger Bands® shows an indication of recovery: the lower band is at $6.67, a low enough level to, generally, suggest that Green Thumb Industries is trading below its fair value. Despite this, Green Thumb Industries made an initial break below its 10 day Simple Moving Average at $7.14, a possible indication of a forthcoming negative trend.
Overall, looking at the technical analysis landscape, although technical indicators are mixed and pointing in different directions, it seems Green Thumb Industries is set to appreciate despite today's setback.
Green Thumb Industries was not the only decliner in the health care sector; Johnson & Johnson lost 2.81% yesterday and closed at $161. Pfizer went down to $40.55, losing 1.53% after it closed at $41.18 yesterday.
On the other hand, positive performances could be seen by looking at other health care stocks as Astrazeneca PLC traded at $75 after closing yesterday's trading day at $73.63 (up 1.89%).
With markets struggling for positive sentiment, upcoming macro data could potentially attract buyers in the market as as things stand, upcoming United States Crude Oil Inventories data is projected to fall short of market expectations with newly published data of -1 million, following on from the preceding figure of 597,000. New data is set to be published today at 14:30 UTC.
Furthermore, United States Philadelphia Fed Manufacturing Index (Apr) will be released tomorrow at 12:30 UTC. United States Existing Home Sales (Mar) is scheduled for tomorrow at 14:00 UTC.
On a negative trend for around 2 months. Having set a significant low of $seven 8 days ago, Green Thumb Industries is trading 3.11% higher.
