| 
March 12, 2023Friday at a glance: the medicinal cannabis specialist dropped 7.5% early on and traded close to the 65.51 cents level.
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. Analysis based on the asset volatility indicates that Bollinger Bands® shows an indication of recovery: the lower band is at 65.4204 cents, a low enough level to, generally, suggest that OrganiGram Holdings is trading below its fair value. OrganiGram Holdings's notable support and resistance levels: OrganiGram Holdings could begin to recover as it approaches significant support, now 2 cents away from 63.9633 cents. Dipping below could be an indication that further losses are ahead.
Overall, the technical outlook suggests OrganiGram Holdings is likely to remain muted for the immediate future, with no clear-cut direction.
OrganiGram Holdings was not the only decliner in the health care sector; Medtronic slumps 1.64% Friday to close at $78. Thermo Fisher Scientific lost 1.7% Friday and closed at $543.83.
On the other hand, positive performances could be seen by looking at other health care stocks as AbbVie was up 1.6%.
Trending downwards for around a month. 2 days ago, the medical cannabis provider fell to a low of 65.51 cents but has since recovered 8.11%.
