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February 27, 2023
A quick look at Friday: in Friday's bearish session, the medicinal cannabis specialist shed around 2.98% in quick fashion, found support around the 74 cents level and finally closed at 74.6 cents. In contrast, the day's events followed Thursday's session in which the stock closed at 76.89 cents.
United States Core Durable Goods Orders data will be released today at 13:30 UTC, with an expected improvement to 0.1%. OrganiGram Holdings reaction to indicator information will follow.
Support/Resistance levels obtained from chart analysis indicate that OrganiGram Holdings Inc. could begin to recover as it approaches significant support, now 1 cents away from 73.7333 cents. Dipping below could be an indication that further losses are ahead. Trend and momentum analysis indicates that the Commodity Channel Index (CCI) indicator is below -100, meaning the market price is unusually low and below its rolling moving average. Technical analysis indicates that a new, strong downtrend could be forthcoming with short positions favored. According to momentum evaluation, the Relative Strength Index indicates OrganiGram Holdings is in an oversold condition, which could precipitate a reversal and set up a new bullish phase. Analysis based on the asset volatility indicates that Bollinger Bands® shows an indication of recovery: the lower band is at 72.5027 cents, a low enough level to, generally, suggest that OrganiGram Holdings is trading below its fair value.
All in all, the technical analysis suggests OrganiGram Holdings has no clear-cut direction.
OrganiGram Holdings was not the only decliner in the health care sector; Abbott Laboratories falls 2.04% Friday to close at $102.55. Eli Lilly and Company lost 1.8% Friday and closed at $321.64. Pfizer went down 1.3%, closed at $42.3.
Looking ahead, ongoing depreciation may be prolonged as United States Pending Home Sales expected to decline to 1% while its preceding data was 2.5%, data will be available today at 15:00 UTC.
Moreover, United States Core Durable Goods Orders is projected to outperform its last figure with 0.1%, having previously been at -0.2%. The figure will be published today at 13:30 UTC. United States Consumer Confidence is projected to outperform its last figure with 108.5. It previously stood at 107.1; data will be released tomorrow at 15:00 UTC.
On a negative trend for around a month. Having set a significant high of $1.81 10 months ago, the medical cannabis provider is trading 57.52% lower.
