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May 16, 2023
Today at a glance: the medical and recreational cannabis provider went up to $4.52, gaining 5.12%.
Trulieve Cannabis's uptick comes amid good United States macroeconomic data released during the day — United States Core Retail Sales matched projections, with new data release of 0.4%.
On the flip side, United States Retail Sales improved upon its previous reading of -0.7% with a new data release of 0.4%.
Meanwhile, United States API Weekly Crude Oil Stock released today at 20:30 UTC with a figure of 3.69 million, while the previous figure was 3.62 million.
Trulieve Cannabis Corp. broke through the $4.49 resistance, climbing 3 cents above it. Trulieve Cannabis made an initial breakout above its 3 day Simple Moving Average at $4.48, a potential indicator of a newly emerging bullish phase. Trulieve Cannabis's lower Bollinger Band® is at $4.35, indicating that the market is oversold and fertile for new buyers.
Overall, looking at the technical analysis landscape, it seems Trulieve Cannabis likely to continue pointing upward in the short term.
Trulieve Cannabis went up today, yet these health care stocks did not follow — AbbVie went down to $143.29, losing 2.25% after it closed at $146.59 today. Amgen went down to $227.88, losing 2.42% after it closed at $233.53 today. Bristol-Myers Squibb Company went down to $67, losing 1.69% after it closed at $68.17 today.
Also worthy of note, projections for United States Crude Oil Inventories are set for a continuation of decline with -1.3 million while previous data was 2.95 million; data will be released tomorrow at 14:30 UTC.
Furthermore, the market is looking at United States Building Permits (Apr) is scheduled for tomorrow at 12:30 UTC.
The medical and recreational cannabis provider traded as high as $15.16 before shedding 65.6% lower over the past six months.
