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May 31, 2023
Aurora Cannabis is down to 50.88 cents, after ending yesterday at 52.9 cents. Overall, a 3.82% loss or 2.02 cents today.
Aurora Cannabis is currently trading at 50.88 cents following the release of JOLTs Job Openings (Apr) data from the United States.
This down-slide takes place while positive United States macroeconomics indicators data was published earlier – United States Consumer Confidence released yesterday at 14:00 UTC is better than expected at 102.3 but down from preceding data of 103.7 according to new data.
Meanwhile, United States JOLTs Job Openings (Apr) released today at 14:00 UTC with a figure of 10.10 million, while the previous figure was 9.74 million. United States Chicago PMI (May) came out at 40.4, while a consensus of analysts was expecting 47.
The Commodity Channel Index (CCI) indicator is below -100, meaning the market price is unusually low and below its rolling moving average. Technical analysis indicates that a new, strong downtrend could be forthcoming with short positions favored. A crossing of the lower Bollinger Band® at 51.1618 cents suggests further losses may follow for Aurora Cannabis. Aurora Cannabis could begin to recover as it approaches significant support, now 1 cents away from 51.2667 cents. Dipping below could be an indication that further losses are ahead.
In the short term, Aurora Cannabis is expected to maintain its recent downtrend and continue spiralling lower.
In the meantime, negative performances are also seen in other health care stocks as after closing the previous session (yesterday) at $514.22, Thermo Fisher Scientific lost $9.62 and is trading around $504.6.
Positive performances can be seen by looking at other health care stocks as Pfizer added 0.77% to its value, now trading at $37.3. Astrazeneca PLC is trading at $72.08 after ending yesterday's session at $71.43 (up 0.91%).
Looking ahead, ongoing depreciation may be prolonged as tomorrow at 12:30 UTC data for United States Initial Jobless Claims will be released, with an expected decline to 235,000 from the preceding figure of 229,000.
Some optimism can drawn from the fact that United States Crude Oil Inventories is projected to outperform its last figure with -1.10 million. It previously stood at -12.46 million; data will be released tomorrow at 15:00 UTC.
Furthermore, United States ADP Nonfarm Employment Change (May) is scheduled for tomorrow at 12:15 UTC.
Over the past 9 months, the Canadian cannabis spearhead has retreated 72% from a noteworthy peak of $1.89.
