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June 02, 2023Pre-open trade suggests a higher market open today with yesterday's bullish sentiment adding to the risk-on mood. After closing yesterday at 39 cents, the medical cannabis provider peaked at 40.33 cents before giving up early gains and closing at 39 cents.
United States Average Hourly Earnings data will be released today at 12:30 UTC, with an expected decline to 0.4%.
OrganiGram Holdings's uptick comes amid good United States macroeconomic data released during the day — United States Crude Oil Inventories beat the -1.10 million projections, with 4.49 million. Data from United States concerning Initial Jobless Claims was released yesterday at 12:30 UTC. Newly published figures emphasized continued decline from last month's figure of 230,000 to 232,000 this month.
Meanwhile, United States ISM Manufacturing PMI (May) came out at 46.9, while a consensus of analysts was expecting 47.
With regards to technical trend indicators, chart analysis show 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. According to asset volatility analysis, OrganiGram Holdings's lower Bollinger Band® is at 37.3326 cents, indicating that the market is oversold and fertile for new buyers. Technical chart analysis shows OrganiGram Holdings could be slowing down soon as it approaches resistance at 40.7567 cents. Of course, crossing it might suggest further gains are ahead.
All in all, the technical analysis suggests OrganiGram Holdings has no clear-cut direction.
A look at other health care stocks also showed bullish price action as Thermo Fisher Scientific was up 2.15%.
While OrganiGram Holdings was bullish yesterday, the following health care stocks underperformed: AbbVie went down to $133.44, losing 3.28% after it closed at $137.96 yesterday. Amgen falls 2.89% yesterday to close at $220.65.
Furthermore, the market is looking at United States Non Farm Payrolls projected to come out at 180,000 — worse than previous data of 253,000; data will be released today at 12:30 UTC. Projections for United States Average Hourly Earnings are set for a continuation of decline with 0.4% while previous data was 0.5%; data will be released today at 12:30 UTC. Today at 12:30 UTC data for United States Unemployment Rate will be released, with an expected decline to 3.5 from the preceding figure of 3.4.
On a negative trend for around 4 months. The medicinal cannabis specialist has shed 49.64% over the past three months.
