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April 13, 2023
A quick look at yesterday: pronounced bullish sentiment in the market helped the leading CBD products developer to make a notable 5.63% gain yesterday, rising 28 cents and ultimately closing at $5.25.
United States Initial Jobless Claims data will be released today at 12:30 UTC, with an expected decline to 232,000.
Trulieve Cannabis's uptick comes amid good United States macroeconomic data released during the day — United States Crude Oil Inventories beat analyst expectations of -583,000 and the previous reading of -3.74 million with new data of 597,000.
At the same time, United States Consumer Price Index released yesterday at 12:30 UTC with a figure of 0.1%, while the previous figure was 0.4%. United States Consumer Price Index came out at 5%, while a consensus of analysts was expecting 5.2%.
Trulieve Cannabis Corp. made an initial breakout above its 5 day Simple Moving Average at $5.1, a potential indicator of a newly emerging bullish phase. In contrast, Trulieve Cannabis could be slowing down soon as it approaches resistance at $5.36. Of course, crossing it might suggest further gains are ahead.
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 Novo Nordisk added 3.25% to its value, and traded at $163.52. Astrazeneca PLC gained 2.19%, as it traded at $73.76. Eli Lilly and Company added 1.38% to its value, and traded at $369.05.
Yesterday's gains have given market bulls further impetus to expect strong macro data going forward, such as United States Producer Price Index is projected to outperform its last figure with 0.1%, having previously been at -0.1%. The figure will be published today at 12:30 UTC.
Furthermore, the market is looking at projections for United States Core Retail Sales are set for a continuation of decline with -0.3% while previous data was -0.1%; data will be released tomorrow at 12:30 UTC. United States Initial Jobless Claims projected to come out at 232,000 — worse than previous data of 228,000; data will be released today at 12:30 UTC.
Pointing downwards for around a month. The medical and recreational cannabis provider has fallen back around 73.52% from the significant high of $18.77 set 1 year, 1 day ago.
