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May 18, 2023
Expected lower market open set to test ongoing trend following yesterday's bullish close: pronounced bullish sentiment in the market helped the Canadian cannabis spearhead to make a notable 5.77% gain yesterday, rising 3.3 cents and ultimately closing at 60.49 cents.
United States Initial Jobless Claims data will be released today at 12:30 UTC, with an expected improvement to 254,000 (previous figure was 264,000).
Aurora Cannabis's uptick comes amid good United States macroeconomic data released during the day — United States Crude Oil Inventories beat analyst expectations of -920,000 and the previous reading of 2.95 million with new data of 5 million.
At the same time, United States Building Permits (Apr) came out at 1.42 million, while a consensus of analysts was expecting 1.44 million. United States 20-Year Bond Auction released yesterday at 17:00 UTC with a figure of 3.954, while the previous figure was 3.92.
Technical analysis trend indicators suggest that Aurora Cannabis Inc. made an initial breakout above its 21 day Simple Moving Average at 60.4438 cents, a potential indicator of a newly emerging bullish phase. Asset volatility analysis shows that Aurora Cannabis's upper Bollinger Band® is at 64.9641 cents, this is a slight indication of a slowdown. A study of Aurora Cannabis's chart reveals various key levels to watch: Aurora Cannabis is 2 cents away from testing key resistance at 62.1467 cents. Peaking above this level could inspire market bulls and open the path to further gains.
Overall, while Aurora Cannabis has been on an uptrend, technical indicators suggest that it has no obvious direction for the immediate future.
While Aurora Cannabis was bullish yesterday, the following health care stocks underperformed: Novartis went down to $101.22, losing 1.55% after it closed at $102.81 yesterday. Sanofi went down to $53.69, losing 1.58% after it closed at $54.55 yesterday. Merck went down 1.14%, closed at $116.08.
Yesterday's gains have given market bulls further impetus to expect strong macro data going forward, such as United States Initial Jobless Claims is projected to outperform its last figure with 254,000. It previously stood at 264,000; data will be released today at 12:30 UTC.
Elsewhere, United States Philadelphia Fed Manufacturing Index (May) is expected today at 12:30 UTC. United States Existing Home Sales (Apr) will be released today at 14:00 UTC.
Over the past 1 year, 1 day, the Canadian cannabis producer has retreated 81.49% from a noteworthy peak of $3.09.
