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May 29, 2023Investors are currently sidelined due to the Memorial Day holiday but will return to their desks tomorrow. Looking back over the previous session Friday: an influx of sellers pushed the medical cannabis provider to end the session lower around 44.19 cents, while establishing a 43.1 cents to 44.31 cents session range Friday.
Visual analysis of OrganiGram Holdings's chart shows that OrganiGram Holdings Inc. is currently alternating around 43.3633 cents with price action moving above and below this key level throughout the session. 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. Asset volatility analysis shows that OrganiGram Holdings's upper Bollinger Band® is at 53.8481 cents and the lower is 42.7759 cents.
Overall, the technical outlook suggests OrganiGram Holdings is likely to remain muted for the immediate future, with no clear-cut direction.
Meanwhile, mixed performances were seen by other health care stocks as Medtronic dips 2.49% Friday to close at $83.54. Bristol-Myers Squibb Company went down to $63.82, losing 1.15% after it closed at $64.56 Friday. Merck went down 1.1%, closed at $112.3.
Data to be released tomorrow might clear up some of the market fog as United States Consumer Confidence projected to come out at 99 — worse than previous data of 101.3; data will be released tomorrow at 14:00 UTC.
On a negative trend for around 4 months. The medicinal cannabis specialist has shed 43.93% over the past three months.
