OrganiGram Holdings descends to 38.7 cents ahead of United States Building Permits

In yesterday's bearish session, the medical cannabis provider shed around 3.27% in quick fashion, found support around the 38.2 cents level and finally closed at 38.7 cents. In contrast, the day's events followed Friday's session in which the stock closed at 40.01 cents.

• United States Building Permits is next today at 12:00 UTC.
• OrganiGram Holdings hasn't been as low as 38.2 cents in 3 weeks and a half.
• OrganiGram Holdings has been on a downtrend for 6 days, losing 3.99 cents, with yesterday's session adding to the run.

Earlier data releases related to OrganiGram Holdings – United States 2-Year Note Auction released yesterday at 17:00 UTC with a figure of 4.67, while the previous figure was 4.3.

Technical analysis of OrganiGram Holdings before macro data is released:

Technical analysis trend indicators suggest that 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. Asset volatility analysis shows that Bollinger Bands® shows an indication of recovery: the lower band is at 37.512 cents, a low enough level to, generally, suggest that OrganiGram Holdings is trading below its fair value. Technical chart analysis shows OrganiGram Holdings could begin to recover as it approaches significant support, now 1 cents away from 37.7867 cents. Dipping below could be an indication that further losses are ahead.

With market volatility ebbing, the current technical outlook indicates OrganiGram Holdings will remain range-bound for the immediate future.

Coming up for OrganiGram Holdings — United States Crude Oil Inventories is projected to outperform its last figure with 1.42 million, having previously been at -3.83 million. The figure will be published tomorrow at 14:30 UTC. United States Core Durable Goods Orders is projected to outperform its last figure with -0.1%. It previously stood at -0.2%; data will be released today at 12:30 UTC.

As the markets get ready for more data to be released — Pfizer dips 3.68% yesterday to close at $38.3. Johnson & Johnson decreases 1.12% yesterday to close at $165.48. Novartis went down to $99.51, losing 1.17% after it closed at $100.69 yesterday.

Pointing downwards for around 5 months. The medicinal cannabis specialist is now trading 39.11% below its 3-month high of $1.24.