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February 27, 2023
A quick look at Friday: the controlled environment agriculture pioneer has recovered almost all of its session losses after dipping down to 96 cents Friday.
A study of Village Farms's chart reveals various key levels to watch: Village Farms International, Inc. could begin to recover as it approaches significant support, now 2 cents away from 95.1067 cents. Dipping below could be an indication that further losses are ahead. With regards to technical trend indicators, chart analysis show 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. Asset volatility analysis shows that Village Farms's lower Bollinger Band® is at 94.7143 cents, indicating that the asset has overextended to the downside and could, therefore, bounce back as buyers look for bargains.
With market volatility ebbing, the current technical outlook indicates Village Farms will remain range-bound for the immediate future.
Village Farms was not the only decliner in the consumer staples sector; Philip Morris International closed at $98.58 (down 1.25%). Unilever lost 0.83% Friday and closed at $50.28. Costco draws back 0.92% Friday to close at $493.14.
With markets struggling for positive sentiment, upcoming macro data could potentially attract buyers in the market as today at 15:00 UTC data for United States Pending Home Sales will be released, with an expected decline to 1% from the preceding figure of 2.5%.
Some optimism can drawn from the fact that United States Core Durable Goods Orders is projected to outperform its last figure with 0.1%. It previously stood at -0.2%; data will be released today at 13:30 UTC. United States Consumer Confidence is projected to outperform its last figure with 108.5, having previously been at 107.1. The figure will be published tomorrow at 15:00 UTC.
Having soared to a high of $6.1 approximately 11 months ago, the controlled environment agriculture pioneer is now trading 83.61% lower.
