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June 07, 2023
As traders prepare for a lower market open today, yesterday's bullish sentiment has been left in the rear-view mirror: bullish sentiment helped the leading medical and recreational marijuana dispensary to hammer out a noteworthy $2.65 to $2.8 range yesterday, and finally closing at $2.8 to end the session.
United States Crude Oil Inventories data will be released today at 14:30 UTC, with an expected decline to 1 million.
Meanwhile, United States API Weekly Crude Oil Stock came out at -1.71 million, while a consensus of analysts was expecting 1.5 million.
Curaleaf Holdings, Inc. made an initial breakout above its 21 day Simple Moving Average at $2.74, a potential indicator of a newly emerging bullish phase. In contrast, Curaleaf could be slowing down soon as it approaches resistance at $2.85. Of course, crossing it might suggest further gains are ahead.
Overall, looking at the technical analysis landscape, it seems Curaleaf might continue pointing upwards in the short term.
This rally in Curaleaf's share price coincided with other health care stocks as Novo Nordisk was up 1.84%.
Curaleaf went up yesterday, yet these health care stocks did not follow — Merck went down to $110, losing 2.74% after it closed at $113.11 yesterday. UnitedHealth falls 2.13% yesterday to close at $498.19.
Also worthy of note, today at 14:30 UTC data for United States Crude Oil Inventories will be released, with an expected decline to 1 million from the preceding figure of 4.49 million. Tomorrow at 12:30 UTC data for United States Initial Jobless Claims will be released, with an expected decline to 238,000 from the preceding figure of 232,000.
Having set a significant high of $7.57 6 months ago, the US-based cannabis dispensary is trading 64.33% lower.
