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May 04, 2023
While Aurora Cannabis is in the midst of a 7 day up trend, Bucking the trend and turning lower, slightly weaker but mostly flat: Aurora Cannabis is currently trading at 60.1 cents as it maintains an active range between 60 cents and 61 cents.
Initial Jobless Claims in United States fell short of market expectations (240,000) with a reading of 242,000, continuing the decline from the previous figure of 229,000. Highly important Crude Oil Inventories data from United States beat analyst expectations of -1.1 million with a reading of -1.28 million.
Meanwhile, United States Interest Rate released yesterday at 18:00 UTC with a figure of 5.25, while the previous figure was five.
Bollinger Bands® shows an indication of recovery: the lower band is at 56.1448 cents, a low enough level to, generally, suggest that Aurora Cannabis Inc. is trading below its fair value. Aurora Cannabis could begin to recover as it approaches significant support, now 2 cents away from 58.58 cents. Dipping below could be an indication that further losses are ahead.
Despite suffering losses in today's session, technical analysis is indicating that Aurora Cannabis will undergo a significant bounce in the immediate term.
Aurora Cannabis's stock value drop coincides with Novo Nordisk is trading around $161.54 (down 3.71%). Medtronic is down to $89.33, losing 1.51%, after ending yesterday at $90.69.
Looking ahead, ongoing depreciation may be prolonged as United States Non Farm Payrolls expected to decline to 180,000 while its preceding data was 236,000, data will be available tomorrow at 12:30 UTC. Projections for United States Unemployment Rate are set for a continuation of decline with 3.6 while previous data was 3.5; data will be released tomorrow at 12:30 UTC.
Trending downwards for around 2 months. The Canadian cannabis spearhead has fallen back around 81.08% over the past a year, from a notable high of $3.19.
