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June 25, 2023
Curaleaf traders are preparing for a tough opening bell in 22 hours time as pre-market trade emphasizes Friday's bearish bias. An influx of sellers pushed the leading medical and recreational marijuana dispensary to end the session lower around $3.11, while establishing a $3.08 to $3.18 session range Friday.
Curaleaf Holdings, Inc. made an initial break below its 5 day Simple Moving Average at $3.08, a possible indication of a forthcoming negative trend. Curaleaf's upper Bollinger Band® is at $3.22 which indicates a further downward move may follow. In contrast, Curaleaf could begin to recover as it approaches significant support, now 5 cents away from $3.06. Dipping below could be an indication that further losses are ahead.
In general, examining the technical analysis landscape, although indicators are mixed further drawbacks may be next for Curaleaf.
Curaleaf was not the only decliner in the health care sector; Astrazeneca PLC lost 2.47% Friday and closed at $72.12. Pfizer went down 1.11%, closed at $38.73. AbbVie went down 1.08%, closed at $137.41.
The stock has been trending positively for about a month. 6 months ago the US-based cannabis dispensary reached a significant high of $7.57 but has consequently lost 58.12% since then.
