Pre-market trading leads Curaleaf to drop to $2.4 (a 12.82% change) after ending yesterday at $2.75

Curaleaf traders are preparing for a tough opening bell in 3 hours time as pre-market trade emphasizes yesterday's bearish bias. The leading medical and recreational marijuana dispensary hovered around the $2.75 level after closing Wednesday at $2.84 and shedding 3.06%, as it reached reached yesterday's session close.

United States Core PCE Price Index (MoM) (Apr) is next today at 12:30 UTC.

United States Pending Home Sales released earlier showed a marked improvement to 0% from the preceding data of -5.2%, but fell short of the 0.5% figure forecast by a consensus of market analysts.

This down-slide takes place while positive United States macroeconomics indicators data was published earlier – United States GDP beat the 1.1 projections, with 1.3. United States Initial Jobless Claims released yesterday at 12:30 UTC is better than expected at 229,000 but down from preceding data of 225,000 according to new data.

Curaleaf Holdings, Inc. made an initial break below its 50 day Simple Moving Average at $2.72, a possible indication of a forthcoming negative trend. Price action pushed below a known Fibonacci support level at $2.78 by around 2.574 cents with prices hammering out a $2.63 – $2.88 range by session close. On the other hand, note that Curaleaf could begin to recover as it approaches significant support, now 12 cents away from $2.63. Dipping below could be an indication that further losses are ahead.

Looking forward, Curaleaf is poised to extend its strong downtrend and continue declining.

Curaleaf was not the only decliner in the health care sector; Medtronic closed at $83.54 (down 4.51%). Novartis lost 2.25% yesterday and closed at $97.78. Pfizer went down 2.07%, closed at $38.63.

With markets struggling for positive sentiment, upcoming macro data could potentially attract buyers in the market as today at 12:30 UTC data for United States Core Durable Goods Orders will be released, with an expected decline to 0% from the preceding figure of 0.3%.

Furthermore, United States Core PCE Price Index (MoM) (Apr) scheduled to come out today at 12:30 UTC.

The US-based cannabis dispensary has fallen back around 62.48% over the past 5 months, from a notable high of $7.57.