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June 07, 2023
Today at a glance: Trulieve Cannabis rallied 2.5% and ended the session at $4.1.
United States's Crude Oil Inventories new data released of -451,000 below its previous figure.
On the flip side, Crude Oil Inventories in United States fell short of market expectations (1 million) with a reading of -451,000, continuing the decline from the previous figure of 4.49 million.
At the same time, United States Cushing Crude Oil Inventories released today at 14:30 UTC with a figure of 1.72 million, while the previous figure was 1.63 million. United States Trade Balance (Apr) came out at -74.6 billion, while a consensus of analysts was expecting -75.2 billion.
Trulieve Cannabis Corp. made an initial breakout above its 10 day Simple Moving Average at $4.2, a potential indicator of a newly emerging bullish phase. Price action remains constrained around the key Fibonacci level of $4.3 currently serving as resistance Trulieve Cannabis's lower Bollinger Band® is at $3.88, indicating that the market is oversold and fertile for new buyers. On the other hand, note that although Trulieve Cannabis is appreciating today after rising as high as $4.31, price action is now slowing and consolidating around 18 cents below the $4.28 resistance level.
Overall, looking at the technical analysis landscape, it seems Trulieve Cannabis might continue pointing upwards in the short term.
A look at other health care stocks also showed bullish price action as Pfizer was up 1.36%.
While Trulieve Cannabis was bullish today, the following health care stocks underperformed: Novo Nordisk went down 2%, closed at $160.76. Intuitive Surgical closed at $307.24 (down 2.69%).
Also worthy of note, United States Initial Jobless Claims expected to decline to 235,000 while its preceding data was 232,000, data will be available tomorrow at 12:30 UTC.
On a negative trend for around a month. Over the past 6 months, the leading CBD products developer has retreated 73.26% from a noteworthy peak of $14.96.
