As traders prepare for a higher market open today, yesterday's bearish sentiment is in focus: an influx of sellers pushed the medical cannabis provider to end the session lower around 51.63 cents, while establishing a 51.63 cents to 54.9 cents session range yesterday.

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 240,000 to 245,000 this month.

While price action maintains a negative bias, United States Existing Home Sales (Mar) came out at 4.44 million, while a consensus of analysts was expecting 4.5 million. United States Philadelphia Fed Manufacturing Index (Apr) released yesterday at 12:30 UTC with a figure of -31.3, while the previous figure was -23.2.

Trend and momentum analysis indicates 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 momentum evaluation, the Relative Strength Index indicates OrganiGram Holdings is in an oversold condition, which could precipitate a reversal and set up a new bullish phase. Asset volatility analysis shows that Bollinger Bands® shows an indication of recovery: the lower band is at 50.703 cents, a low enough level to, generally, suggest that OrganiGram Holdings is trading below its fair value. Chart analysis indicates OrganiGram Holdings could begin to recover as it approaches significant support, now 1 cents away from 50.54 cents. Dipping below could be an indication that further losses are ahead.

All in all, the technical analysis suggests OrganiGram Holdings has no clear-cut direction.

OrganiGram Holdings was not the only decliner in the health care sector; Thermo Fisher Scientific closed at $565.93 (down 2.41%). Abbott Laboratories went down 1.73%, closed at $112.29. Medtronic closed at $83.49 (down 1.63%).

Pointing downwards for around 3 months. The medicinal cannabis specialist has recovered 6.24% since descending to a significant low of 51.63 cents around a day ago.