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April 05, 2023
As the current session draws to a close, the leading CBD products developer remains in the $4.85 – $5.19 range after closing yesterday at $5.14 and dropping by 2.72%.
United States Crude Oil Inventories didn't cause a noticeable effect even though it falls short expectations with -3.74 million.
United States Crude Oil Inventories released earlier showed a marked improvement to -3.74 million from the preceding data of -7.49 million, but fell short of the -2.33 million figure forecast by a consensus of market analysts.
Meanwhile, United States ISM Non-Manufacturing PMI (Mar) came out at 51.2, while a consensus of analysts was expecting 54.5. United States ADP Nonfarm Employment Change (Mar) released today at 12:15 UTC with a figure of 145,000, while the previous figure was 261,000.
Concerning technical analysis and more specifically, trend indicators, the Commodity Channel Index (CCI) indicator is below -100, meaning the market price is unusually low and below its rolling moving average. Technical analysis indicates that a new, strong downtrend could be forthcoming with short positions favored. According to momentum evaluation, the Relative Strength Index indicates Trulieve Cannabis is in an oversold condition, which could precipitate a reversal and set up a new bullish phase. Asset volatility analysis shows that Trulieve Cannabis's lower Bollinger Band® is at $5.16, indicating that the asset has overextended to the downside and could, therefore, bounce back as buyers look for bargains. Following today's trading session, chart analysis suggests although Trulieve Cannabis is down today and was as low as $4.85, it seems to be recovering slightly and climbing away from the $5.04 support line and is now 4 cents above it.
With market volatility ebbing, the current technical outlook indicates Trulieve Cannabis will remain range-bound for the immediate future.
Positive performances can be seen by looking at other health care stocks as Johnson & Johnson added 4.25% to its value, now trading at $165.23. UnitedHealth is up 3.57%. Merck is up 2.78%.
Looking ahead, ongoing depreciation may be prolonged as tomorrow at 12:30 UTC data for United States Initial Jobless Claims will be released, with an expected decline to 200,000 from the preceding figure of 198,000.
On a negative trend for around a month. The medical and recreational cannabis provider is trading 75.07% lower compared to the $20.62 high it reached over the past year.
