Trulieve Cannabis ended Friday at $5.78, a 7.04% increase

Friday at a glance: the medical and recreational cannabis provider gained 7.04% and stayed at $5.78 levels.

Although Trulieve Cannabis Corp. is appreciating today after rising as high as $6, price action is now slowing and consolidating around 23 cents below the $6 resistance level. Despite posting gains on Friday, Trulieve Cannabis slid below its 50 day Simple Moving Average at $5.69 during the last session — an early indicator that a negative trend could be emerging. Bollinger Band® analysis indicates that current price action is approaching the upper band at $5.82, thereby suggesting that Trulieve Cannabis is becoming overvalued. In contrast, Fibonacci-focused traders would be interested to note that Trulieve Cannabis is oscillating around the key Fibonacci resistance level of $5.78.

Technical analysis of Trulieve Cannabis price action suggests it is likely to undergo a short-term reversal amid broader bullish sentiment.

This rally in Trulieve Cannabis's share price coincided with other health care stocks as Bristol-Myers Squibb Company was up 1.98%. Sanofi was up 1.9%. Amgen traded at $236.53 after closing Friday's trading day at $231.89 (up 2%).

Furthermore, the market is looking at United States EIA Short-Term Energy Outlook scheduled to come out tomorrow at 16:00 UTC.

The medical and recreational cannabis provider is now trading 64.38% below the significant high of $15.16 it set around 11 months ago.