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June 15, 2023
The leading CBD products developer is trading close to the $4 level today, after ending yesterday at $4.08 and dropping 1.96%.
New United States Initial Jobless Claims data fell short of the 250,000 projected by analysts with a reading of 262,000 while failing to improve upon the previous reading from last month (262,000).
This down-slide takes place despite the positive US macroeconomics indicators data that was published earlier — highly important Retail Sales data from United States beat analyst expectations of -0.1% with a reading of 0.3%.
Amid the market gloom, United States Philadelphia Fed Manufacturing Index (Jun) came out at -13.7, while a consensus of analysts was expecting -13.5.
Analysis of Trulieve Cannabis's recent price action suggests Trulieve Cannabis Corp. could begin to recover as it approaches significant support, now 1 cents away from $4. Dipping below could be an indication that further losses are ahead. Trend analysis indicates that Trulieve Cannabis made an initial break below its 10 day Simple Moving Average at $4.02, a possible indication of a forthcoming negative trend. Asset volatility analysis shows that Trulieve Cannabis's lower Bollinger Band® is at $3.81, indicating that the asset has overextended to the downside and could, therefore, bounce back as buyers look for bargains.
Notwithstanding Trulieve Cannabis's appreciation in recent days, the technical outlook suggests its bullish run is now fading.
Positive performances can be seen by looking at other health care stocks as UnitedHealth is trading at $470.55 after ending yesterday's session at $458 (up 2.74%). Astrazeneca PLC added 2.36% to its value, now trading at $74.48. Thermo Fisher Scientific is trading at $531.88 after ending yesterday's session at $520.12 (up 2.26%).
Pointing downwards for around a month. Having soared to a high of $14.96 approximately 6 months ago, the medical and recreational cannabis provider is now trading 72.73% lower.
