OrganiGram Holdings closed at 62 cents after losing 1.59% Thursday

The US stock market is closed for the Good Friday holiday and resumes Monday. Meanwhile, here is a recap of Thursday: the medical cannabis provider dropped 1.59% early on and traded close to the 62 cents level.

Highly important Non Farm Payrolls data from United States beat analyst expectations of 239,000 with a reading of 236,000.

This down-slide takes place despite the positive US macroeconomics indicators data that was published earlier — United States Unemployment Rate improved upon its previous reading of 3.6 with a new data release of 3.5.

While price action maintains a negative bias, United States CFTC Crude Oil speculative net positions released yesterday at 20:30 UTC with a figure of 226,100, while the previous figure was 181,100.

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. OrganiGram Holdings's upper Bollinger Band® is at 66.4457 cents which indicates a further downward move may follow. On the other hand, note that OrganiGram Holdings could begin to recover as it approaches significant support, now 1 cents away from 60.6733 cents. Dipping below could be an indication that further losses are ahead.

Several technical indicators are adding weight to the bearish momentum seen Thursday and forecasting OrganiGram Holdings to extend its recent losses.

On the other hand, positive performances could be seen by looking at other health care stocks as Bristol-Myers Squibb Company added 2.15% to its value, and traded at $70.74. Sanofi gained 2%, as it traded at $55.93. Eli Lilly and Company was up 1.67%.

Pointing downwards for around 2 months. 11 months ago the medical cannabis provider reached a significant high of $1.81 but has consequently lost 65.19% since then.