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March 16, 2023
Yesterday at a glance: during yesterday's session, OrganiGram Holdings toiled and struggled for upward momentum before closing at 64 cents. By the close, the the medicinal cannabis specialist suffered a 1.48 cents or 2.26% loss.
United States Building Permits (Feb) is next today at 12:30 UTC.
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 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. Analysis based on the asset volatility indicates that Bollinger Bands® shows an indication of recovery: the lower band is at 63.7384 cents, a low enough level to, generally, suggest that OrganiGram Holdings is trading below its fair value.
With market volatility ebbing, the current technical outlook indicates OrganiGram Holdings will remain range-bound for the immediate future.
OrganiGram Holdings was not the only decliner in the health care sector; Thermo Fisher Scientific went down to $542.7, losing 2.39% after it closed at $555.96 yesterday.
On the other hand, positive performances could be seen by looking at other health care stocks as Amgen traded at $234.9 after closing yesterday's trading day at $230.58 (up 1.87%). Bristol-Myers Squibb Company traded at $67.48 after closing yesterday's trading day at $66.47 (up 1.52%).
Moreover, United States Initial Jobless Claims is projected to outperform its last figure with 205,000. It previously stood at 211,000; data will be released today at 12:30 UTC.
Furthermore, United States Philadelphia Fed Manufacturing Index (Mar) scheduled to come out today at 12:30 UTC. United States Building Permits (Feb) is scheduled for today at 12:30 UTC.
On a negative trend for around 2 months. Having soared to a high of $1.81 approximately 11 months ago, the medicinal cannabis specialist is now trading 63.82% lower.
