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June 26, 2023
A quick look at Friday: the Canadian cannabis spearhead found support around the 55.12 cents level, after closing Thursday at 61.71 cents and dropping by 10.68% Friday.
Aurora Cannabis Inc. made an initial break below its 50 day Simple Moving Average at 58.7324 cents, a possible indication of a forthcoming negative trend. Aurora Cannabis is currently flirting with an active Fibonacci support level around 58.575 cents. Aurora Cannabis's upper Bollinger Band® is at 59.4154 cents which indicates a further downward move may follow. Despite this, Aurora Cannabis could begin to recover as it approaches significant support, now 2 cents away from 52.7433 cents. Dipping below could be an indication that further losses are ahead.
Several technical indicators are adding weight to the bearish momentum seen Friday and forecasting Aurora Cannabis to extend its recent losses.
Aurora Cannabis was not the only decliner in the health care sector; Astrazeneca PLC closed at $72.12 (down 2.47%). Pfizer went down 1.11%, closed at $38.73. AbbVie descends 1.08% Friday to close at $137.41.
Moreover, United States Consumer Confidence is projected to outperform its last figure with 104. It previously stood at 102.3; data will be released tomorrow at 14:00 UTC.
Furthermore, United States Building Permits scheduled to come out tomorrow at 12:00 UTC. United States New Home Sales (May) is expected tomorrow at 14:00 UTC.
Aurora Cannabis hit a significant low of 50.36 cents around 25 days ago, but has since recovered 22.54%.
