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May 11, 2023
Today at a glance: a tough session dominated by bearish sentiment left Green Thumb Industries 70 cents lower, while setting a $7.1 to $8.07 session range.
Highly important Producer Price Index data from United States beat analyst expectations of 0.3% with a reading of 0.2%. United States Initial Jobless Claims fell short of the 245,000 projections, with new data of 264,000.
This down-slide takes place while positive United States macroeconomics indicators data was published earlier – United States Crude Oil Inventories improved upon its previous reading of -1.28 million with a new data release of 2.95 million.
Green Thumb Industries Inc. made an initial break below its 50 day Simple Moving Average at $7.69, a possible indication of a forthcoming negative trend. Price action remains constrained around the key Fibonacci level of $7.23 currently serving as support. If price action breaks below, the next Fib hurdle is $6.8. In contrast, Green Thumb Industries could begin to recover as it approaches significant support, now 39 cents away from $6.91. Dipping below could be an indication that further losses are ahead.
Several technical indicators are adding weight to the bearish momentum seen today and forecasting Green Thumb Industries to extend its recent losses.
Green Thumb Industries was not the only decliner in the health care sector; Pfizer withdraws 0.82% today to close at $37.89. Amgen went down 0.78%, closed at $234.11.
On the other hand, positive performances could be seen by looking at other health care stocks as Bristol-Myers Squibb Company was up 0.86%.
Green Thumb Industries is now trading 17.65% above the significant low ($6.8) it slumped to 16 days ago.
