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May 03, 2023
Today at a glance: OrganiGram Holdings ended yesterday at 48.27 cents. today it went up to 50.49 cents only to drop back, yet still managed to close at 49 cents.
OrganiGram Holdings is currently trading at 49 cents following the release of FOMC Press Conference data from the United States.
On the flip side, United States Crude Oil Inventories improved upon its previous reading of -5 million with a new data release of -1.28 million.
Meanwhile, United States Interest Rate came out at 5.25, while a consensus of analysts was expecting 5.25. United States ISM Non-Manufacturing PMI (Apr) released today at 14:00 UTC with a figure of 51.9, while the previous figure was 51.2.
OrganiGram Holdings Inc. made an initial breakout above its 10 day Simple Moving Average at 50.801 cents, a potential indicator of a newly emerging bullish phase. Despite this, OrganiGram Holdings is 2 cents away from testing key resistance at 50.9267 cents. Peaking above this level could inspire market bulls and open the path to further gains.
Following today's unexpected gains, extensive multifactorial technical analysis forecasts OrganiGram Holdings to buck against its prevailing downtrend and begin to turn higher in the short term. With all probabilities considered, the the medicinal cannabis specialist is expected to pick up significant bullish sentiment in the coming days.
This rally in OrganiGram Holdings's share price coincided with other health care stocks as Eli Lilly and Company gained 6.68%, as it traded at $431.19.
While OrganiGram Holdings was bullish today, the following health care stocks underperformed: Amgen went down 2.82%, closed at $235.97. Stryker went down 2.3%, closed at $293.89.
Furthermore, the market is looking at United States Initial Jobless Claims projected to decline to 240,000 while previous data was 230,000; data will be released tomorrow at 12:30 UTC.
Pointing downwards for around 3 months. The medical cannabis provider has shed 47.26% over the past three months.
