A quick look at today: a tough session dominated by bearish sentiment left OrganiGram Holdings 5 cents lower, while setting a 43.23 cents to 50.1 cents session range.

OrganiGram Holdings is currently trading at 44.75 cents following the release of FOMC Meeting Minutes data from the United States.

United States Crude Oil Inventories fell short of the -920,000 projections, with new data of -12.46 million.

Amid the market gloom, United States New Home Sales (Apr) came out at 683,000, while a consensus of analysts was expecting 663,000. United States Services PMI released yesterday at 13:45 UTC with a figure of 55.1, while the previous figure was 53.6.

OrganiGram Holdings Inc. broke through the 48.2133 cents support line and dropped 3 cents below it. OrganiGram Holdings made an initial break below its 21 day Simple Moving Average at 49.5748 cents, a possible indication of a forthcoming negative trend. Price action pushed below a known Fibonacci support level at 48.27 cents by around 3.52 cents with prices hammering out a 43.23 cents – 50.1 cents range by session close. On the other hand, note that Bollinger Bands® shows an indication of recovery: the lower band is at 44.6838 cents, a low enough level to, generally, suggest that OrganiGram Holdings is trading below its fair value.

In general, examining the technical analysis landscape, although indicators are mixed further drawbacks may be next for OrganiGram Holdings.

OrganiGram Holdings was not the only decliner in the health care sector; Pfizer closed at $38.63 (down 2.55%). Thermo Fisher Scientific went down to $510.72, losing 2.74% after it closed at $525.1 today. Astrazeneca PLC went down to $72.4, losing 2.25% after it closed at $74.07 today.

Looking ahead, ongoing depreciation may be prolonged as as things stand, upcoming United States Initial Jobless Claims data is projected to fall short of market expectations with newly published data of 250,000, following on from the preceding figure of 242,000. New data is set to be published tomorrow at 12:30 UTC.

Some optimism can drawn from the fact that United States Pending Home Sales is projected to outperform its last figure with 0.5%. It previously stood at -5.2%; data will be released tomorrow at 14:00 UTC.

Furthermore, United States GDP is expected tomorrow at 12:30 UTC.

Pointing downwards for around 4 months. OrganiGram Holdings hit a significant low of 45.1 cents around 8 days ago, but has since recovered 10.31%.