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June 11, 2023
Though in the midst of a 5 day uptrend, gaining a total of 9.63%, (30 cents), The prevailing bullish trend is beginning to fade following Friday's downbeat session. The US-based cannabis dispensary found support around the $2.96 level, after closing Thursday at $three and dropping by 1.33% Friday.
Curaleaf Holdings, Inc. made an initial break below its 5 day Simple Moving Average at $2.87, a possible indication of a forthcoming negative trend. Price action remains constrained around the key Fibonacci level of $2.96 currently serving as support. If price action breaks below, the next Fib hurdle is $2.76. Curaleaf's upper Bollinger Band® is at $3.07 which indicates a further downward move may follow. In contrast, although Curaleaf is pointing down today (was as low as $2.81), it's climbing away from the $2.82 support line and is now 14 cents above it.
Following today's unexpected losses, extensive multifactorial technical analysis forecasts Curaleaf to buck against its prevailing uptrend and begin to dip lower in the short term. With all probabilities considered, the the leading medical and recreational marijuana dispensary is expected to attract significant bearish sentiment in the coming days.
On the other hand, positive performances could be seen by looking at other health care stocks as Stryker gained 1.4%, as it traded at $280.64. Abbott Laboratories traded at $101.69 after closing Friday's trading day at $100.78 (up 0.9%).
The stock has been trending positively for about 29 days. The leading medical and recreational marijuana dispensary reached a significant high of $7.57 around 6 months ago but has lost 60.37% since then.
