A quick look at today: the medical cannabis provider found support around the 40.51 cents level, after closing yesterday at 43 cents and dropping by 5.79% today.

OrganiGram Holdings is currently trading at 40.51 cents following the release of FOMC Press Conference data from the United States.

Producer Price Index in United States fell short of market expectations (-0.1%) with a reading of -0.3%, continuing the decline from the previous figure of 0.2%.

This down-slide takes place while positive United States macroeconomics indicators data was published earlier – United States Crude Oil Inventories beat analyst expectations of 1.48 million and the previous reading of -451,000 with new data of 7.92 million.

Amid the market gloom, United States Interest Rate released today at 18:00 UTC with a figure of 5.25, while the previous figure was 5.25.

OrganiGram Holdings Inc. made an initial break below its 10 day Simple Moving Average at 40.952 cents, a possible indication of a forthcoming negative trend. On the other hand, note that OrganiGram Holdings could begin to recover as it approaches significant support, now 1 cents away from 39.6733 cents. Dipping below could be an indication that further losses are ahead.

Several technical indicators are adding weight to the bearish momentum seen today and forecasting OrganiGram Holdings to extend its recent losses.

OrganiGram Holdings was not the only decliner in the health care sector; UnitedHealth went down to $459.86, losing 6.4% after it closed at $491.31 today. Pfizer went down 2.28%, closed at $40.28.

On the other hand, positive performances could be seen by looking at other health care stocks as Stryker was up 4.2%.

Looking ahead, ongoing depreciation may be prolonged as as things stand, upcoming United States Retail Sales data is projected to fall short of market expectations with newly published data of -0.1%, following on from the preceding figure of 0.4%. New data is set to be published tomorrow at 12:30 UTC. United States Core Retail Sales projected to decline to 0.1% while previous data was 0.4%; data will be released tomorrow at 12:30 UTC.

Furthermore, United States Philadelphia Fed Manufacturing Index (Jun) scheduled to come out tomorrow at 12:30 UTC.

On a negative trend for around 5 months. The medical cannabis provider is now trading 15.9% above the significant low (37.1 cents) it slumped to 14 days ago.