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July 03, 2023
A quick look at Friday: an influx of buyers helped Green Thumb Industries to end the session higher around $7.62, while establishing a $7.45 to $7.65 session range Friday.
United States ISM Manufacturing PMI (Jun) is next today at 14:00 UTC.
Green Thumb Industries Inc. is 8 cents away from testing key resistance at $7.7. Peaking above this level could inspire market bulls and open the path to further gains. Despite posting gains on Friday, Green Thumb Industries slid below its 50 day Simple Moving Average at $7.49 during the last session — an early indicator that a negative trend could be emerging. Bollinger Band® analysis indicates that current price action is approaching the upper band at $7.84, thereby suggesting that Green Thumb Industries is becoming overvalued.
Green Thumb Industries is likely to reverse course and start pointing downward in the short term.
A look at other health care stocks also showed bullish price action as Novo Nordisk was up 3.06%. Pfizer gained 1.55%, as it traded at $36.68. Novartis traded at $100.91 after closing Friday's trading day at $99.36 (up 1.56%).
Furthermore, the market is looking at United States ISM Manufacturing PMI (Jun) is expected today at 14:00 UTC.
Trending downwards for around a month. Having set a significant high of $15.63 6 months ago, Green Thumb Industries is trading 52.16% lower.
