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April 24, 2023
Trulieve Cannabis's bearish run has lasted 7 days so far (-49 cents). More of the same from today's session: the leading CBD products developer has recovered almost all of its session losses after dipping down to $5 today.
Despite being in the red so far in the current trading session, Trulieve Cannabis Corp. peaked above its 3 day Simple Moving Average around $5.16 — typically an early indicator of a new bullish trend beginning to emerge. Bollinger Bands® shows an indication of recovery: the lower band is at $4.82, a low enough level to, generally, suggest that Trulieve Cannabis is trading below its fair value. Trulieve Cannabis could begin to recover as it approaches significant support, now 8 cents away from $5.03. Dipping below could be an indication that further losses are ahead.
Technical analysis indicates that Trulieve Cannabis (currently on a downtrend) might reverse course and start pointing upward in the short term.
Trulieve Cannabis was not the only decliner in the health care sector; Abbott Laboratories went down to $110.4, losing 1.13% after it closed at $111.66 today.
On the other hand, positive performances could be seen by looking at other health care stocks as Medtronic added 4.62% to its value, and traded at $89.69.
With markets struggling for positive sentiment, upcoming macro data could potentially attract buyers in the market as tomorrow at 14:00 UTC data for United States Consumer Confidence will be released, with an expected decline to 104 from the preceding figure of 104.2.
Furthermore, United States Building Permits will be released tomorrow at 13:30 UTC. United States New Home Sales (Mar) scheduled to come out tomorrow at 14:00 UTC.
Since its 52-week high of $16.42, the leading CBD products developer has lost 69.46% over the last twelve months.
