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June 14, 2023
As traders prepare for a higher market open today, yesterday's bearish sentiment is in focus: despite the risk-off mood, Green Thumb Industries was range-bound between $7.27 to $7.58 and settled at $7.35.
United States Crude Oil Inventories data will be released today at 14:30 UTC, with an expected improvement to 1.48 million. Green Thumb Industries reaction to indicator information will follow.
Highly important Producer Price Index data from United States beat analyst expectations of -0.1% with a reading of -0.3%.
While price action maintains a negative bias, United States Consumer Price Index released yesterday at 12:30 UTC with a figure of 0.1%, while the previous figure was 0.4%. United States Consumer Price Index came out at 4%, while a consensus of analysts was expecting 4.1%.
Green Thumb Industries Inc. made an initial break below its 50 day Simple Moving Average at $7.39, a possible indication of a forthcoming negative trend. Green Thumb Industries's upper Bollinger Band® is at $7.8 which indicates a further downward move may follow. In contrast, although Green Thumb Industries is down today and was as low as $7.27, it seems to be recovering slightly and climbing away from the $7.22 support line and is now 13 cents above it.
Several technical indicators are adding weight to the bearish momentum seen yesterday and forecasting Green Thumb Industries to extend its recent losses.
On the other hand, positive performances could be seen by looking at other health care stocks as Amgen traded at $222 after closing yesterday's trading day at $217.36 (up 2.13%). Medtronic gained 1.74%, as it traded at $85.75. Pfizer added 0.95% to its value, and traded at $40.28.
With markets struggling for positive sentiment, upcoming macro data could potentially attract buyers in the market as as things stand, upcoming United States Retail Sales data is projected to fall short of market expectations with newly published data of -0.1%, following on from the preceding figure of 0.4%. New data is set to be published tomorrow at 12:30 UTC. United States Core Retail Sales expected to decline to 0.1% while its preceding data was 0.4%, data will be available tomorrow at 12:30 UTC.
Some optimism can drawn from the fact that United States Crude Oil Inventories is projected to outperform its last figure with 1.48 million, having previously been at -451,000. The figure will be published today at 14:30 UTC.
Pointing downwards for around a month. Green Thumb Industries is now trading 52.03% below the significant high of $15.63 it set around 6 months ago.
